Crossmark Global Holdings Inc. Has $41.08 Million Stock Holdings in Bank of America Corporation $BAC

Crossmark Global Holdings Inc. grew its stake in Bank of America Corporation (NYSE:BAC) by 0.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 868,102 shares of the financial services provider’s stock after purchasing an additional 3,362 shares during the quarter. Bank of America comprises approximately 0.7% of Crossmark Global Holdings Inc.’s holdings, making the stock its 21st largest holding. Crossmark Global Holdings Inc.’s holdings in Bank of America were worth $41,079,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Deutsche Bank AG increased its stake in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Unisphere Establishment increased its stake in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in Bank of America in the second quarter worth $164,623,000. Maverick Capital Ltd. bought a new position in shares of Bank of America during the first quarter worth $152,098,000. Finally, AMF Tjanstepension AB grew its holdings in shares of Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after buying an additional 3,438,876 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $52.57 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The company’s fifty day simple moving average is $51.63 and its 200-day simple moving average is $48.05. The firm has a market cap of $383.88 billion, a PE ratio of 14.32, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The business 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. Ameriprise Financial upgraded Bank of America to a “buy” rating in a report on Wednesday, October 22nd. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Truist Financial upped their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Oppenheimer raised their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, Citigroup upped their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.86.

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.