Lbp Am Sa Has $12.65 Million Position in Bank of America Corporation $BAC

Lbp Am Sa cut its holdings in Bank of America Corporation (NYSE:BAC) by 34.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 267,269 shares of the financial services provider’s stock after selling 141,078 shares during the period. Lbp Am Sa’s holdings in Bank of America were worth $12,647,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Deutsche Bank AG grew its stake 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 acquiring an additional 14,960,086 shares in the last quarter. Unisphere Establishment grew its stake in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Bank of America in the second quarter valued at about $164,623,000. Maverick Capital Ltd. acquired a new position in shares of Bank of America in the first quarter valued at about $152,098,000. Finally, Azora Capital LP grew its stake in shares of Bank of America by 958.9% in the first quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock valued at $139,560,000 after acquiring an additional 3,028,530 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 1.6%

BAC stock opened at $51.58 on Wednesday. The stock has a market capitalization of $382.05 billion, a P/E ratio of 15.08, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm has a 50-day moving average price of $49.24 and a 200-day moving average price of $45.09.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 earnings per share. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BAC shares. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Citigroup upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Truist Financial upped their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.63.

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.