Van Cleef Asset Management Inc Has $816,000 Stock Holdings in Bank of America Corporation $BAC

Van Cleef Asset Management Inc trimmed its position in Bank of America Corporation (NYSE:BAC) by 8.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,250 shares of the financial services provider’s stock after selling 1,533 shares during the quarter. Van Cleef Asset Management Inc’s holdings in Bank of America were worth $816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Deutsche Bank AG lifted its position in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Amundi increased its holdings in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after acquiring an additional 188,638 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Bank of America by 5.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after purchasing an additional 894,027 shares during the last quarter. Finally, National Pension Service boosted its position in Bank of America by 2.4% during the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after purchasing an additional 300,944 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. HSBC upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Oppenheimer raised their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Citigroup upped their target price on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Stock Performance

BAC opened at $53.22 on Friday. 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 $53.99. The firm has a market cap of $388.62 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The business’s fifty day moving average is $51.33 and its 200-day moving average is $47.51.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

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