Metis Global Partners LLC Raises Holdings in Bank of America Corporation (NYSE:BAC)

Key Points

• Metis Global Partners LLC increased its holdings in Bank of America by 9.0%, owning a total of 371,522 shares worth approximately $15.5 million.
• Bank of America recently raised its quarterly dividend from $0.26 to $0.28, with an annualized yield of 2.31%.
• The company announced a $40 billion stock buyback plan, indicating confidence in the undervaluation of its shares.

Metis Global Partners LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 371,522 shares of the financial services provider's stock after buying an additional 30,782 shares during the period. Metis Global Partners LLC's holdings in Bank of America were worth $15,504,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after acquiring an additional 226,246 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $243,000. Fox Run Management L.L.C. purchased a new stake in Bank of America during the fourth quarter valued at approximately $219,000. Finally, Orion Portfolio Solutions LLC boosted its stake in Bank of America by 24.1% in the fourth quarter. Orion Portfolio Solutions LLC now owns 268,328 shares of the financial services provider's stock valued at $11,793,000 after acquiring an additional 52,083 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BAC shares. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating for the company. JPMorgan Chase & Co. decreased their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Robert W. Baird restated a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Trading Up 0.2%

Shares of NYSE:BAC opened at $48.47 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.31. The business has a 50 day moving average of $45.91 and a two-hundred day moving average of $43.74. The company has a market capitalization of $365.09 billion, a PE ratio of 14.17, a PEG ratio of 1.89 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted 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. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the previous year, the business posted $0.83 EPS. The business's revenue was up 4.3% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given 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 an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is 30.41%.

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

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.

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