Edgar Lomax Co. VA Acquires 539,735 Shares of Bank of America Corporation $BAC

Edgar Lomax Co. VA boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 5,708.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 549,190 shares of the financial services provider’s stock after buying an additional 539,735 shares during the quarter. Edgar Lomax Co. VA’s holdings in Bank of America were worth $22,918,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nicholas Hoffman & Company LLC. increased its position in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the period. Gradient Investments LLC increased its holdings in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares in the last quarter. Prosperity Wealth Management Inc. bought a new stake in shares of Bank of America during the first quarter valued at approximately $998,000. Alpha Cubed Investments LLC boosted its position in Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after purchasing an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after buying an additional 150,299 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of analyst reports. Truist Financial boosted their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. HSBC cut Bank of America from a “buy” rating to a “hold” rating and raised their target price for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Citigroup lifted their price objective on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, June 26th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.13.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $46.91 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock’s 50-day moving average price is $46.69 and its 200-day moving average price is $43.75. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The stock has a market capitalization of $347.46 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.82 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.83 earnings per share. As a group, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.4%. Bank of America’s dividend payout ratio is currently 30.41%.

Bank of America announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

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.