IPG Investment Advisors LLC Sells 11,078 Shares of Bank of America Corporation (NYSE:BAC)

Key Points

• IPG Investment Advisors LLC has reduced its stake in Bank of America by 36.6%, selling 11,078 shares, leaving it with 19,150 shares valued at approximately $799,000.
• Several institutional investors, including Price T Rowe Associates Inc. and Capital World Investors, have increased their holdings in Bank of America, indicating strong interest from major funds.
• Bank of America announced a $40 billion stock buyback plan and increased its quarterly dividend from $0.26 to $0.28, reflecting confidence in its financial health.

IPG Investment Advisors LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 36.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,150 shares of the financial services provider's stock after selling 11,078 shares during the quarter. IPG Investment Advisors LLC's holdings in Bank of America were worth $799,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Price T Rowe Associates Inc. MD grew its position in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the period. Capital World Investors boosted its stake in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Northern Trust Corp grew its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock worth $2,521,218,000 after purchasing an additional 803,570 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Bank of America by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock worth $1,981,816,000 after purchasing an additional 5,092,504 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BAC shares. Morgan Stanley boosted their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Piper Sandler cut their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Truist Financial lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Finally, Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $50.13.

Bank of America Price Performance

Bank of America stock opened at $45.65 on Monday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31. The company has a market cap of $338.13 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.78 and a beta of 1.31. The firm's fifty day moving average is $46.27 and its 200 day moving average is $43.77. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

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

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Bank of America Increases Dividend

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

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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