Lockheed Martin Investment Management Co. Sells 379,570 Shares of Bank of America Corporation $BAC

Lockheed Martin Investment Management Co. lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 41.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 543,320 shares of the financial services provider’s stock after selling 379,570 shares during the period. Bank of America makes up approximately 0.9% of Lockheed Martin Investment Management Co.’s investment portfolio, making the stock its 27th largest position. Lockheed Martin Investment Management Co.’s holdings in Bank of America were worth $25,710,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in BAC. Nova Wealth Management Inc. boosted its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC boosted its stake in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $28,000. CGC Financial Services LLC boosted its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $33,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BAC shares. Truist Financial boosted their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Phillip Securities boosted their price objective on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Keefe, Bruyette & Woods restated an “outperform” rating and set a $58.00 price objective (up from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Finally, Daiwa Capital Markets boosted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.45.

Bank of America Stock Up 0.8%

Shares of NYSE:BAC opened at $52.98 on Friday. The company has a fifty day moving average of $50.95 and a 200-day moving average of $46.84. The company has a market capitalization of $392.40 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.44.

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, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America declared that its Board of Directors has initiated a stock 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 purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.