Hayek Kallen Investment Management Has $443,000 Stock Holdings in Bank of America Corporation $BAC

Hayek Kallen Investment Management decreased its stake in Bank of America Corporation (NYSE:BAC) by 11.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,626 shares of the financial services provider’s stock after selling 1,396 shares during the quarter. Hayek Kallen Investment Management’s holdings in Bank of America were worth $443,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Deutsche Bank AG raised its holdings in 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 period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Bank of America by 31.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider’s stock valued at $1,716,318,000 after buying an additional 9,258,040 shares during the period. Theleme Partners LLP acquired a new stake in Bank of America during the 4th quarter worth $263,449,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Bank of America by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock worth $1,981,816,000 after buying an additional 5,092,504 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Bank of America in the fourth quarter valued at about $217,979,000. 70.71% of the stock is owned by institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the firm’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 value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Citigroup increased their price target on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.13.

Bank of America Stock Performance

Shares of NYSE BAC opened at $50.76 on Friday. The stock has a 50 day moving average price of $47.61 and a 200 day moving average price of $43.97. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.92. 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 market capitalization of $375.98 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.96 and a beta of 1.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. 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 initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s payout ratio is 30.41%.

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.