Olympiad Research LP Has $224,000 Stock Holdings in Bank of America Corporation $BAC

Olympiad Research LP decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 55.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,734 shares of the financial services provider’s stock after selling 5,881 shares during the period. Olympiad Research LP’s holdings in Bank of America were worth $224,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Brighton Jones LLC grew its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Cable Hill Partners LLC lifted its position in shares of Bank of America by 36.0% in the first quarter. Cable Hill Partners LLC now owns 6,349 shares of the financial services provider’s stock worth $253,000 after buying an additional 1,682 shares during the last quarter. Napatree Capital LLC acquired a new position in Bank of America during the first quarter valued at approximately $267,000. Ascent Wealth Partners LLC grew its stake in Bank of America by 6.4% in the 1st quarter. Ascent Wealth Partners LLC now owns 16,876 shares of the financial services provider’s stock valued at $704,000 after buying an additional 1,011 shares during the last quarter. Finally, Concord Wealth Partners raised its holdings in Bank of America by 3.4% in the 1st quarter. Concord Wealth Partners now owns 31,162 shares of the financial services provider’s stock worth $1,300,000 after acquiring an additional 1,017 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 2.2%

Shares of NYSE:BAC opened at $52.92 on Friday. 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 capitalization 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’s fifty day moving average is $51.57 and its 200-day moving average is $47.90. 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 (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.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 business earned $0.81 EPS. Bank of America’s revenue was up 10.8% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BAC shares. Truist Financial upped their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Barclays increased their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. TD Cowen boosted their price objective on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. 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, the company has an average rating of “Moderate Buy” and an average 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.