State of Alaska Department of Revenue Reduces Position in Bank of America Corporation $BAC

Key Points

• The State of Alaska Department of Revenue has reduced its holdings in Bank of America by 5.0%, now owning 737,578 shares valued at approximately $34.9 million.
• Bank of America recently announced a quarterly dividend of $0.28 per share, reflecting a positive increase from the previous dividend of $0.26.
• Analysts have mixed views on Bank of America stock, with the average target price currently at $50.92 and 16 analysts rating it as a "Buy."

State of Alaska Department of Revenue decreased its holdings in Bank of America Corporation (NYSE:BAC) by 5.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 737,578 shares of the financial services provider's stock after selling 38,420 shares during the quarter. State of Alaska Department of Revenue's holdings in Bank of America were worth $34,902,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in BAC. Patton Fund Management Inc. bought a new position in shares of Bank of America during the second quarter valued at $263,000. Kathmere Capital Management LLC increased its holdings in shares of Bank of America by 11.5% during the second quarter. Kathmere Capital Management LLC now owns 35,867 shares of the financial services provider's stock valued at $1,697,000 after acquiring an additional 3,697 shares in the last quarter. Vision Capital Management Inc. increased its holdings in shares of Bank of America by 8.7% during the second quarter. Vision Capital Management Inc. now owns 106,507 shares of the financial services provider's stock valued at $5,040,000 after acquiring an additional 8,505 shares in the last quarter. Destiny Wealth Partners LLC increased its holdings in shares of Bank of America by 37.4% during the second quarter. Destiny Wealth Partners LLC now owns 9,172 shares of the financial services provider's stock valued at $434,000 after acquiring an additional 2,497 shares in the last quarter. Finally, Swisher Financial Concepts Inc. purchased a new stake in shares of Bank of America during the second quarter valued at $242,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC opened at $52.21 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The stock's 50 day simple moving average is $49.07 and its two-hundred day simple moving average is $44.90. The company has a market cap of $386.72 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 2.01 and a beta of 1.34.

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, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. 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 32.75%.

Bank of America announced that its Board of Directors has authorized 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 repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Morgan Stanley lifted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Truist Financial boosted their price target on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday. Phillip Securities downgraded Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Finally, Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $50.92.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction on Friday, August 1st. The stock was 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 approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

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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