TD Asset Management Inc Sells 66,885 Shares of Bank of America Corporation (NYSE:BAC)

TD Asset Management Inc reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 2.3% in the first quarter, HoldingsChannel.com reports. The firm owned 2,823,663 shares of the financial services provider’s stock after selling 66,885 shares during the period. TD Asset Management Inc’s holdings in Bank of America were worth $117,831,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of BAC. Gradient Investments LLC raised its holdings in Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares in the last quarter. Employees Retirement System of Texas increased its position in shares of Bank of America by 12.7% during the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock valued at $69,640,000 after buying an additional 17,880 shares during the period. Prosperity Wealth Management Inc. bought a new position in Bank of America in the first quarter worth about $998,000. Alpha Cubed Investments LLC boosted its position in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after acquiring an additional 17,619 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after acquiring an additional 150,299 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC opened at $48.47 on Friday. The company’s 50-day simple moving average is $45.91 and its two-hundred day simple moving average is $43.74. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a market capitalization of $365.09 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.89 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31.

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

Bank of America announced that its board has approved a stock 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 shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 30.41%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Truist Financial raised their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Oppenheimer cut their price target on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, July 17th. Finally, Cfra Research lifted their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.03.

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.