Bank of America Corporation (NYSE:BAC) Shares Acquired by Algebris UK Ltd

Algebris UK Ltd raised its holdings in Bank of America Corporation (NYSE:BAC) by 460.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,174,463 shares of the financial services provider’s stock after acquiring an additional 964,782 shares during the quarter. Bank of America comprises approximately 8.2% of Algebris UK Ltd’s holdings, making the stock its largest position. Algebris UK Ltd’s holdings in Bank of America were worth $45,372,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC grew its holdings in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after acquiring an additional 50,296 shares during the last quarter. Employees Retirement System of Texas grew its holdings in Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock worth $69,640,000 after acquiring an additional 17,880 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in Bank of America during the 1st quarter worth about $998,000. Alpha Cubed Investments LLC grew its holdings in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after acquiring an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after acquiring an additional 150,299 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.5%

Shares of NYSE:BAC opened at $48.23 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market cap of $363.26 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30. The business’s 50 day moving average is $45.98 and its 200 day moving average is $43.74. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business 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 was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.83 earnings per share. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 30.41%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Oppenheimer decreased their price objective on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, July 17th. Robert W. Baird restated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Finally, TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.03.

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.