ASR Vermogensbeheer N.V. Invests $31.18 Million in Bank of America Corporation (NYSE:BAC)

ASR Vermogensbeheer N.V. acquired a new stake in Bank of America Corporation (NYSE:BAC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 747,144 shares of the financial services provider’s stock, valued at approximately $31,180,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. raised its holdings in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after buying an additional 33,963 shares during the last quarter. WealthShield Partners LLC raised its stake in Bank of America by 120.9% during the 1st quarter. WealthShield Partners LLC now owns 15,959 shares of the financial services provider’s stock valued at $666,000 after acquiring an additional 8,734 shares in the last quarter. Warburton Capital Management LLC boosted its position in Bank of America by 3.4% during the 1st quarter. Warburton Capital Management LLC now owns 15,250 shares of the financial services provider’s stock worth $636,000 after acquiring an additional 496 shares during the period. Planning Alternatives Ltd. ADV bought a new position in shares of Bank of America in the first quarter worth $255,000. Finally, Natural Investments LLC increased its holdings in shares of Bank of America by 3.0% during the first quarter. Natural Investments LLC now owns 17,387 shares of the financial services provider’s stock valued at $725,000 after purchasing an additional 505 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC opened at $45.54 on Wednesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a 50-day simple moving average of $46.35 and a 200 day simple moving average of $43.78. The stock has a market capitalization of $337.31 billion, a PE ratio of 13.32, a P/E/G ratio of 1.78 and a beta of 1.31. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.83 earnings per share. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared 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. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.5%. Bank of America’s dividend payout ratio is currently 30.41%.

Bank of America announced that its Board of Directors has approved a stock repurchase 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 generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price for the company. Piper Sandler decreased their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Oppenheimer increased their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Finally, Truist Financial upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $50.13.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the 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 of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently 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.