LSV Asset Management Decreases Stock Position in Bank of America Corporation (NYSE:BAC)

LSV Asset Management decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,503,384 shares of the financial services provider's stock after selling 133,452 shares during the period. LSV Asset Management's holdings in Bank of America were worth $146,196,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vega Investment Solutions acquired a new stake in Bank of America in the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the fourth quarter worth $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $34,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after buying an additional 276 shares during the last quarter. Finally, Wood Tarver Financial Group LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on BAC. Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Truist Financial upped their target price on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.13.

Bank of America Stock Down 3.4%

BAC opened at $45.65 on Friday. 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 Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The company has a market cap of $343.83 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31. The company has a 50-day moving average price of $46.27 and a 200 day moving average price of $43.81.

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

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.5%. Bank of America's dividend payout ratio is presently 30.41%.

About Bank of America

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.