Banco Bilbao Vizcaya Argentaria S.A. Cuts Stock Position in Bank of America Corporation $BAC

Banco Bilbao Vizcaya Argentaria S.A. cut its position in shares of Bank of America Corporation (NYSE:BAC) by 28.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 867,046 shares of the financial services provider’s stock after selling 336,398 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.’s holdings in Bank of America were worth $41,004,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BAC. Wealth Advisory Solutions LLC raised its stake in shares of Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares in the last quarter. Ballast Advisors LLC grew its holdings in shares of Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 218 shares during the last quarter. Cyndeo Wealth Partners LLC grew its holdings in shares of Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC raised its position 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 during the period. Finally, Nova Wealth Management Inc. lifted its stake in 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $52.92 on Friday. The business has a 50 day moving average of $51.57 and a 200 day moving average of $47.90. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The company has a market cap of $386.45 billion, a PE ratio of 14.42, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) 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 business had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the firm earned $0.81 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has authorized 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 buy up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently declared 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 is presently 30.52%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Wolfe Research lifted their price target on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Piper Sandler boosted their price objective on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Finally, Oppenheimer raised their target price on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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.