SVB Wealth LLC Sells 36,253 Shares of Bank of America Corporation $BAC

SVB Wealth LLC cut its holdings in Bank of America Corporation (NYSE:BAC) by 35.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,196 shares of the financial services provider’s stock after selling 36,253 shares during the period. SVB Wealth LLC’s holdings in Bank of America were worth $3,132,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BAC. Transce3nd LLC increased its stake in Bank of America by 4.9% during the second quarter. Transce3nd LLC now owns 23,955 shares of the financial services provider’s stock worth $1,133,000 after acquiring an additional 1,122 shares during the last quarter. WINTON GROUP Ltd boosted its holdings in shares of Bank of America by 367.5% in the 2nd quarter. WINTON GROUP Ltd now owns 67,337 shares of the financial services provider’s stock worth $3,186,000 after purchasing an additional 52,933 shares during the period. Howard Hughes Medical Institute purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $68,000. Navis Wealth Advisors LLC increased its position in shares of Bank of America by 3.6% during the 2nd quarter. Navis Wealth Advisors LLC now owns 12,760 shares of the financial services provider’s stock valued at $604,000 after purchasing an additional 443 shares during the last quarter. Finally, Baker Avenue Asset Management LP raised its holdings in Bank of America by 4.2% during the 2nd quarter. Baker Avenue Asset Management LP now owns 66,793 shares of the financial services provider’s stock valued at $3,161,000 after buying an additional 2,671 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.1%

NYSE:BAC opened at $53.87 on Tuesday. 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 $54.83. The company has a 50-day moving average of $52.11 and a 200 day moving average of $49.23. The firm has a market cap of $393.39 billion, a PE ratio of 14.68 and a beta of 1.30.

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, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $0.81 earnings per share. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have commented on BAC. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Truist Financial increased their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. HSBC upped their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Robert W. Baird boosted their price objective on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Finally, TD Cowen increased their target price on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

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.