Strs Ohio Buys 172,154 Shares of Bank of America Corporation $BAC

Strs Ohio increased its holdings in Bank of America Corporation (NYSE:BAC) by 8.5% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,186,681 shares of the financial services provider’s stock after buying an additional 172,154 shares during the quarter. Strs Ohio’s holdings in Bank of America were worth $103,474,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BAC. Brighton Jones LLC increased its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Golden State Wealth Management LLC boosted its position in Bank of America by 7.8% in the first quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock worth $1,013,000 after purchasing an additional 1,765 shares during the last quarter. Mather Group LLC. boosted its position in Bank of America by 7.3% in the first quarter. Mather Group LLC. now owns 37,717 shares of the financial services provider’s stock worth $1,574,000 after purchasing an additional 2,582 shares during the last quarter. Vontobel Holding Ltd. boosted its position in Bank of America by 11.3% in the first quarter. Vontobel Holding Ltd. now owns 251,933 shares of the financial services provider’s stock worth $10,513,000 after purchasing an additional 25,549 shares during the last quarter. Finally, Clear Creek Financial Management LLC boosted its position in Bank of America by 66.8% in the first quarter. Clear Creek Financial Management LLC now owns 8,715 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 3,489 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other 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 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 SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $52.58 on Thursday. 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 Corporation has a 1 year low of $33.06 and a 1 year high of $53.28. The stock’s 50 day simple moving average is $50.86 and its two-hundred day simple moving average is $46.80. The company has a market cap of $389.43 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 2.00 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 EPS. As a group, equities analysts anticipate 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 initiated a share 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 buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Truist Financial raised their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Ameriprise Financial raised Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. UBS Group lifted their price objective on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $57.27.

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.