Generali Investments Towarzystwo Funduszy Inwestycyjnych Sells 15,179 Shares of Bank of America Corporation (NYSE:BAC)

Key Points

• Generali Investments Towarzystwo Funduszy Inwestycyjnych reduced its shares in Bank of America by 29.6%, selling 15,179 shares and holding 36,100 shares valued at $1.5 million as of the latest SEC filing.
• Bank of America has announced a quarterly dividend increase to $0.28 per share, up from $0.26, with a dividend yield of 2.5%.
• The company initiated a $40 billion stock repurchase plan, allowing it to buy back up to 11.1% of its outstanding shares, a move often indicating management believes the stock is undervalued.

Generali Investments Towarzystwo Funduszy Inwestycyjnych decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 29.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,100 shares of the financial services provider's stock after selling 15,179 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych's holdings in Bank of America were worth $1,506,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Avalon Trust Co boosted its stake in Bank of America by 285.3% during the first quarter. Avalon Trust Co now owns 6,624 shares of the financial services provider's stock valued at $276,000 after buying an additional 4,905 shares during the period. Manchester Capital Management LLC boosted its stake in Bank of America by 4.1% during the first quarter. Manchester Capital Management LLC now owns 26,997 shares of the financial services provider's stock valued at $1,127,000 after buying an additional 1,056 shares during the period. Cheviot Value Management LLC bought a new stake in Bank of America during the first quarter valued at $581,000. Liberty Wealth Management LLC lifted its stake in Bank of America by 23.0% during the first quarter. Liberty Wealth Management LLC now owns 33,209 shares of the financial services provider's stock worth $1,386,000 after purchasing an additional 6,210 shares during the last quarter. Finally, Aviso Wealth Management lifted its stake in Bank of America by 5.7% during the first quarter. Aviso Wealth Management now owns 28,270 shares of the financial services provider's stock worth $1,180,000 after purchasing an additional 1,521 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on BAC. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Finally, Citigroup lifted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $50.13.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Bank of America Stock Down 3.4%

BAC stock opened at $45.65 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The business's 50 day moving average price is $46.27 and its two-hundred day moving average price is $43.79. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The company has a market capitalization of $343.83 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 1.78 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.83 EPS. As a group, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

Bank of America declared that its board has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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