Cypress Capital Group Has $794,000 Stock Holdings in Bank of America Corporation (NYSE:BAC)

Cypress Capital Group cut its position in shares of Bank of America Corporation (NYSE:BAC) by 16.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,021 shares of the financial services provider’s stock after selling 3,825 shares during the period. Cypress Capital Group’s holdings in Bank of America were worth $794,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Bank of America by 10.6% during 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. Capital World Investors increased its stake in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Northern Trust Corp increased its stake in shares of Bank of America by 17.2% during 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. Bank of New York Mellon Corp increased its stake in shares of Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after purchasing an additional 803,570 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Bank of America by 45.1% during 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. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by company insiders.

Bank of America Trading Up 2.5%

Shares of NYSE BAC opened at $46.03 on Monday. 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 Corporation has a 52-week low of $33.06 and a 52-week high of $49.31. The firm has a 50 day moving average price of $46.43 and a two-hundred day moving average price of $43.74. The stock has a market cap of $340.94 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 1.79 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the company posted $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has authorized a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. This is a boost 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 is currently 30.41%.

Wall Street Analyst Weigh In

Several brokerages recently commented on BAC. Citigroup lifted their target price on shares of 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 downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. 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 report on Wednesday, April 16th. Finally, Oppenheimer upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.13.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.