Jennison Associates LLC Sells 1,215,380 Shares of Bank of America Corporation $BAC

Jennison Associates LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 37.9% during the second quarter, Holdings Channel.com reports. The fund owned 1,994,864 shares of the financial services provider’s stock after selling 1,215,380 shares during the period. Jennison Associates LLC’s holdings in Bank of America were worth $94,397,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Deutsche Bank AG increased its holdings 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 worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment increased its holdings 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 worth $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of Bank of America in the second quarter worth about $164,623,000. Maverick Capital Ltd. bought a new stake in shares of Bank of America in the first quarter worth about $152,098,000. Finally, AMF Tjanstepension AB increased its holdings in shares of Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.6%

Shares of NYSE BAC opened at $52.58 on Thursday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.28. The business’s 50 day moving average is $50.86 and its two-hundred day moving average is $46.80. The stock has a market capitalization of $389.43 billion, a P/E ratio of 14.33, a PEG ratio of 2.00 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick 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 earnings per share (EPS) for the quarter, beating 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 $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given 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 payout ratio is 30.52%.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Royal Bank Of Canada lifted their target price on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, October 1st. Wolfe Research lifted their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Argus lifted their target price on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Daiwa Capital Markets boosted their price objective on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Finally, Truist Financial boosted their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.27.

Insider Activity

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

Bank of America 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.