Bank of America Corporation $BAC Stake Raised by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Bank of America Corporation (NYSE:BAC) by 82.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,323 shares of the financial services provider’s stock after acquiring an additional 9,199 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Bank of America were worth $965,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Advisory Solutions LLC increased its stake in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares in the last quarter. Ballast Advisors LLC increased its stake in Bank of America by 4.1% in the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC increased its stake in Bank of America by 0.8% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares in the last quarter. Centurion Wealth Management LLC increased its stake in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BAC shares. Oppenheimer lifted their price target on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Morgan Stanley lifted their target price on Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Argus lifted their target price on Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Phillip Securities lifted their target price on Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Finally, Daiwa Capital Markets lifted their target price on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $57.32.

Bank of America Stock Up 0.8%

Shares of Bank of America stock opened at $52.98 on Tuesday. The firm has a market cap of $392.43 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.07. The stock has a 50-day simple moving average of $50.68 and a 200-day simple moving average of $46.56.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 EPS. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by insiders.

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.