Madison Asset Management LLC Has $12.31 Million Stock Position in Bank of America Corporation (NYSE:BAC)

Madison Asset Management LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 7.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 294,901 shares of the financial services provider's stock after selling 22,706 shares during the period. Madison Asset Management LLC's holdings in Bank of America were worth $12,306,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Forbes J M & Co. LLP grew its position in Bank of America by 3.6% during the first quarter. Forbes J M & Co. LLP now owns 453,488 shares of the financial services provider's stock valued at $18,924,000 after acquiring an additional 15,579 shares during the period. Venturi Wealth Management LLC boosted its position in shares of Bank of America by 4.9% in the first quarter. Venturi Wealth Management LLC now owns 27,942 shares of the financial services provider's stock worth $1,166,000 after buying an additional 1,299 shares during the period. AllSquare Wealth Management LLC boosted its position in shares of Bank of America by 1.8% in the first quarter. AllSquare Wealth Management LLC now owns 22,852 shares of the financial services provider's stock worth $954,000 after buying an additional 400 shares during the period. Proficio Capital Partners LLC boosted its position in shares of Bank of America by 6.0% in the first quarter. Proficio Capital Partners LLC now owns 21,465 shares of the financial services provider's stock worth $896,000 after buying an additional 1,213 shares during the period. Finally, KLP Kapitalforvaltning AS boosted its position in shares of Bank of America by 0.7% in the first quarter. KLP Kapitalforvaltning AS now owns 2,647,541 shares of the financial services provider's stock worth $110,482,000 after buying an additional 18,800 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.2%

Bank of America stock traded up $0.08 during mid-day trading on Friday, hitting $48.47. 24,453,044 shares of the company's stock were exchanged, compared to its average volume of 43,373,284. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market cap of $365.09 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.89 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31. The stock has a 50 day moving average of $45.91 and a two-hundred day moving average of $43.74.

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

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

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 issued a $0.28 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BAC. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Truist Financial boosted their price target on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and boosted their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. JPMorgan Chase & Co. cut their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, Oppenheimer cut their price target on Bank of America from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.03.

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.