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Zions Bancorporation National Association UT Takes $609,000 Position in Bank of America Corporation (NYSE:BAC)

Bank of America logo with Finance background

Key Points

  • Zions Bancorporation made a new investment in Bank of America, acquiring 14,584 shares valued at approximately $609,000 in the first quarter.
  • Bank of America announced a $40 billion stock buyback program, indicating that the board believes the company’s shares are undervalued.
  • The company declared a quarterly dividend of $0.28 per share, marking an increase from its previous dividend of $0.26, with a dividend yield of 2.4%.
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Zions Bancorporation National Association UT purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,584 shares of the financial services provider's stock, valued at approximately $609,000.

A number of other institutional investors also recently modified their holdings of BAC. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America during the fourth quarter worth $31,000. Spurstone Advisory Services LLC acquired a new position in Bank of America during the fourth quarter worth $34,000. Glass Jacobson Investment Advisors llc boosted its holdings in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares during the last quarter. Finally, Wood Tarver Financial Group LLC acquired a new position in Bank of America during the fourth quarter worth $38,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $46.03 on Friday. 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 Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The firm has a market cap of $340.94 billion, a P/E ratio of 13.46, a P/E/G ratio of 1.79 and a beta of 1.31. The company's 50-day moving average price is $46.43 and its two-hundred day moving average price is $43.76.

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

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. This is an increase 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 (DPR) is presently 32.75%.

Insider Buying and Selling at Bank of America

In other 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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. The Goldman Sachs Group increased their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and increased their price target for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Oppenheimer increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, Truist Financial increased 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 note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.13.

Check Out Our Latest Stock Analysis on Bank of America

Bank of America Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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