Spearhead Capital Advisors LLC lessened its position in Bank of America Co. (NYSE:BAC) by 0.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 245,396 shares of the financial services provider’s stock after selling 320 shares during the quarter. Bank of America makes up about 1.4% of Spearhead Capital Advisors LLC’s investment portfolio, making the stock its 16th largest holding. Spearhead Capital Advisors LLC’s holdings in Bank of America were worth $9,494,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Bank of America in the fourth quarter worth $2,901,869,000. FMR LLC lifted its position in shares of Bank of America by 9.2% in the fourth quarter. FMR LLC now owns 196,924,593 shares of the financial services provider’s stock worth $5,968,784,000 after buying an additional 16,517,775 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Bank of America in the fourth quarter worth about $460,341,000. Steadfast Capital Management LP purchased a new stake in shares of Bank of America in the fourth quarter worth about $194,013,000. Finally, Cibc World Markets Corp lifted its position in shares of Bank of America by 233.1% in the fourth quarter. Cibc World Markets Corp now owns 9,054,909 shares of the financial services provider’s stock worth $274,454,000 after buying an additional 6,336,489 shares in the last quarter. Institutional investors own 68.10% of the company’s stock.
BAC has been the topic of several analyst reports. Piper Sandler boosted their price objective on Bank of America from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, January 11th. Zacks Investment Research raised Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 target price on the stock in a research note on Monday, April 19th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $31.00 to $37.00 in a research note on Monday, January 11th. Robert W. Baird cut Bank of America from an “outperform” rating to a “neutral” rating and set a $42.00 target price on the stock. in a research note on Tuesday. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Bank of America from $35.00 to $44.00 and gave the company a “buy” rating in a report on Thursday, April 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Bank of America presently has an average rating of “Buy” and an average target price of $38.26.
BAC stock traded down $0.46 during midday trading on Tuesday, hitting $40.10. The company’s stock had a trading volume of 869,909 shares, compared to its average volume of 54,064,039. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $20.10 and a 52-week high of $41.13. The firm has a market capitalization of $345.95 billion, a P/E ratio of 20.08, a PEG ratio of 2.13 and a beta of 1.59. The firm has a 50-day simple moving average of $39.07 and a 200-day simple moving average of $32.43.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.21. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The firm had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.67 billion. During the same period in the previous year, the company earned $0.40 earnings per share. Bank of America’s quarterly revenue was up .1% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, June 3rd. Bank of America’s payout ratio is 24.49%.
Bank of America announced that its board has authorized a share buyback plan on Tuesday, January 19th that permits the company to buyback $2.90 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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