Bank of America Corporation (NYSE:BAC) Stock Holdings Lowered by Facet Wealth Inc.

Facet Wealth Inc. cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,000 shares of the financial services provider’s stock after selling 590 shares during the period. Facet Wealth Inc.’s holdings in Bank of America were worth $411,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Capital World Investors raised its holdings in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the period. Northern Trust Corp increased its position in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Bank of America by 39.6% during the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider’s stock valued at $1,457,031,000 after acquiring an additional 9,409,076 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Bank of America by 31.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider’s stock valued at $1,716,318,000 after acquiring an additional 9,258,040 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE BAC opened at $48.47 on Monday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The stock’s 50-day moving average is $45.91 and its two-hundred day moving average is $43.72. The firm has a market cap of $365.09 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America announced that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective on the stock. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Finally, Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.03.

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.