Strive Asset Management LLC Sells 6,218 Shares of Bank of America Corporation $BAC

Key Points

• Strive Asset Management LLC reduced its holdings in Bank of America by 30.5%, owning 14,179 shares valued at approximately $592,000 after selling 6,218 shares.
• In the fourth quarter, several other institutional investors increased their stakes in Bank of America, with notable increases of 58.1% by Janus Henderson Group PLC and 35.7% by Bank Pictet & Cie Europe AG.
• Bank of America announced a $40 billion buyback program and increased its quarterly dividend to $0.28 per share, reflecting confidence in its valuation and financial health.

Strive Asset Management LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 30.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,179 shares of the financial services provider's stock after selling 6,218 shares during the period. Strive Asset Management LLC's holdings in Bank of America were worth $592,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BAC. Continuum Advisory LLC grew its holdings in shares of Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after buying an additional 237 shares in the last quarter. Cape Investment Advisory Inc. boosted its position in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock valued at $524,000 after purchasing an additional 238 shares during the last quarter. Menard Financial Group LLC lifted its position in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after buying an additional 240 shares during the last quarter. Maia Wealth LLC lifted its position in shares of Bank of America by 1.4% in the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock valued at $723,000 after buying an additional 240 shares during the last quarter. Finally, Northern Financial Advisors Inc lifted its position in shares of Bank of America by 1.8% in the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock valued at $600,000 after buying an additional 252 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.3%

BAC traded down $0.15 during midday trading on Friday, hitting $50.60. 27,849,333 shares of the company were exchanged, compared to its average volume of 35,238,896. The firm has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.97 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $50.96. The firm's 50 day moving average price is $48.13 and its 200-day moving average price is $44.28. 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 (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The company 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 firm's revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.83 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. 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 presently 32.75%.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. The Goldman Sachs Group lifted their price target on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Truist Financial lifted their price objective on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $50.39.

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.