OMERS ADMINISTRATION Corp Sells 6,325 Shares of Bank of America Corporation $BAC

Key Points

• OMERS ADMINISTRATION Corp reduced its stake in Bank of America by 1.5%, selling 6,325 shares and bringing its total holdings to 428,971 shares valued at $17.9 million.
• Bank of America will pay a quarterly dividend of $0.28 per share, increasing from a previous $0.26, reflecting a commitment to returning value to shareholders.
• Several analysts upgraded their price targets for Bank of America, with Citigroup raising theirs from $50.00 to $54.00, indicating positive market sentiment towards the company's future growth.

OMERS ADMINISTRATION Corp trimmed its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 1.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 428,971 shares of the financial services provider's stock after selling 6,325 shares during the period. OMERS ADMINISTRATION Corp's holdings in Bank of America were worth $17,901,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in BAC. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Spurstone Advisory Services LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $34,000. Wood Tarver Financial Group LLC bought a new stake in Bank of America during the fourth quarter worth $38,000. Mascagni Wealth Management Inc. bought a new stake in Bank of America during the fourth quarter worth $40,000. Finally, Cloud Capital Management LLC bought a new stake in Bank of America during the first quarter worth $40,000. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BAC shares. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. TD Cowen initiated coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Truist Financial raised their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Robert W. Baird restated a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, Phillip Securities downgraded Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.13.

Bank of America Stock Performance

NYSE BAC traded up $0.27 during trading hours on Friday, reaching $50.76. 32,491,463 shares of the company were exchanged, compared to its average volume of 34,794,552. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.92. The business's 50 day simple moving average is $47.61 and its 200-day simple moving average is $43.95. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $375.98 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.97 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the company posted $0.83 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio is 32.75%.

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

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.30% of the company's stock.

Bank of America 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.