Bank of America Corporation $BAC Holdings Decreased by PBMares Wealth Management LLC

PBMares Wealth Management LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,128 shares of the financial services provider’s stock after selling 466 shares during the quarter. PBMares Wealth Management LLC’s holdings in Bank of America were worth $716,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Deutsche Bank AG grew its holdings in shares of Bank of America by 45.1% during 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 buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment grew its holdings in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after buying an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Bank of America during the second quarter valued at $164,623,000. Maverick Capital Ltd. purchased a new position in Bank of America in the first quarter valued at about $152,098,000. Finally, Azora Capital LP increased its position in Bank of America by 958.9% in the 1st quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock worth $139,560,000 after purchasing an additional 3,028,530 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

BAC opened at $51.58 on Wednesday. The company has a market cap of $382.05 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. The stock has a 50-day moving average of $49.24 and a 200-day moving average of $45.09. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

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

Bank of America declared that its board has authorized a stock repurchase program 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed 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 of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is presently 32.75%.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Morgan Stanley raised their price target on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft raised their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday. HSBC downgraded Bank of America from a “buy” rating to a “hold” rating and raised their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Truist Financial raised their price target 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. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price 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.