United Asset Strategies Inc. Sells 25,216 Shares of Bank of America Corporation $BAC

Key Points

• United Asset Strategies Inc. reduced its stake in Bank of America by 7.0%, owning 334,586 shares after selling 25,216 during the first quarter, with the investment valued at approximately $13.96 million.
• Multiple institutional investors have increased their holdings in Bank of America, with Price T Rowe Associates adding 11.7 million shares and raising their position by 10.6%.
• The company announced a quarterly dividend increase to $0.28 per share, reflecting confidence with an approved buyback plan of $40 billion in shares.

United Asset Strategies Inc. lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 334,586 shares of the financial services provider's stock after selling 25,216 shares during the period. Bank of America comprises 1.3% of United Asset Strategies Inc.'s portfolio, making the stock its 23rd largest position. United Asset Strategies Inc.'s holdings in Bank of America were worth $13,962,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BAC. Deutsche Bank AG lifted its holdings in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Bank of America by 31.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider's stock worth $1,716,318,000 after purchasing an additional 9,258,040 shares during the last quarter. Finally, Theleme Partners LLP bought a new stake in shares of Bank of America in the 4th quarter worth approximately $263,449,000. Institutional investors own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Bank of America Stock Up 2.5%

Shares of BAC traded up $1.2250 during trading hours on Friday, hitting $49.4850. 45,055,019 shares of the company were exchanged, compared to its average volume of 32,182,988. The company has a market cap of $366.53 billion, a PE ratio of 14.47, a PEG ratio of 1.87 and a beta of 1.31. The firm's 50 day moving average is $47.06 and its 200-day moving average is $43.86. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.66. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

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

Bank of America declared that its board has authorized a stock 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is presently 30.41%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BAC shares. Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Phillip Securities cut Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. TD Cowen assumed coverage on 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. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Finally, Truist Financial lifted their price target on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.13.

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.