Bank of America Corporation $BAC Shares Sold by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC reduced its holdings in Bank of America Corporation (NYSE:BAC) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 205,807 shares of the financial services provider’s stock after selling 1,278 shares during the quarter. Bank of America comprises 0.9% of Fidelis Capital Partners LLC’s investment portfolio, making the stock its 24th biggest holding. Fidelis Capital Partners LLC’s holdings in Bank of America were worth $9,348,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Deutsche Bank AG boosted its position 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 in the last quarter. Amundi lifted its stake in shares of Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Bank of America by 5.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after buying an additional 894,027 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Bank of America by 9.5% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 13,274,230 shares of the financial services provider’s stock worth $628,137,000 after buying an additional 1,151,432 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Oppenheimer raised their price objective on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. UBS Group increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Barclays boosted their price objective on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $53.22 on Monday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The business has a 50-day moving average of $51.33 and a two-hundred day moving average of $47.63. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $388.62 billion, a PE ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34.

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 for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the company posted $0.81 earnings per share. Bank of America’s revenue was up 10.8% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually 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.