Van Cleef Asset Management Inc Has $816,000 Stake in Bank of America Corporation $BAC

Van Cleef Asset Management Inc lowered its stake in Bank of America Corporation (NYSE:BAC) by 8.2% in the second quarter, Holdings Channel reports. The fund owned 17,250 shares of the financial services provider’s stock after selling 1,533 shares during the quarter. Van Cleef Asset Management Inc’s holdings in Bank of America were worth $816,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quaker Wealth Management LLC lifted its stake in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. Nova Wealth Management Inc. grew its stake in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the second quarter worth $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $33,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.1%

NYSE:BAC opened at $53.22 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.99. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s fifty day moving average is $51.33 and its 200-day moving average is $47.51. The firm has a market cap of $388.62 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share buyback program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on BAC. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Citigroup boosted their price target on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. TD Cowen raised their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday. Royal Bank Of Canada reissued an “outperform” rating on shares of Bank of America in a report on Thursday. Finally, Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

About Bank of America

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.