Y Intercept Hong Kong Ltd Sells 50,973 Shares of Bank of America Corporation (NYSE:BAC)

Y Intercept Hong Kong Ltd decreased its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 35.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 92,230 shares of the financial services provider's stock after selling 50,973 shares during the period. Y Intercept Hong Kong Ltd's holdings in Bank of America were worth $3,849,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Norges Bank bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors raised its position in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Finally, Northern Trust Corp grew its stake in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Piper Sandler cut their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $50.03.

Bank of America Price Performance

BAC traded down $0.13 during trading hours on Friday, hitting $48.27. The company's stock had a trading volume of 9,891,823 shares, compared to its average volume of 43,259,102. The business's 50-day moving average price is $45.83 and its 200-day moving average price is $43.74. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The stock has a market cap of $363.53 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.87 and a beta of 1.30. 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 (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping 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 company had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. During the same quarter in the previous year, the business posted $0.83 earnings per share. Bank of America's quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 30.41%.

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.