Bank of America Corporation $BAC Shares Purchased by Shell Asset Management Co.

Shell Asset Management Co. raised its position in Bank of America Corporation (NYSE:BAC) by 119.4% during the second quarter, Holdings Channel reports. The firm owned 98,670 shares of the financial services provider’s stock after buying an additional 53,703 shares during the quarter. Shell Asset Management Co.’s holdings in Bank of America were worth $4,669,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nova Wealth Management Inc. grew its position in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America in the second quarter valued at approximately $28,000. Cloud Capital Management LLC acquired a new position in shares of Bank of America in the first quarter valued at approximately $40,000. HighMark Wealth Management LLC increased its stake in Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after buying an additional 743 shares during the period. Finally, Highline Wealth Partners LLC lifted its holdings in Bank of America by 37.1% during the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after buying an additional 313 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 0.3%

NYSE:BAC opened at $50.22 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The stock’s 50 day moving average price is $49.46 and its 200 day moving average price is $45.39. The company has a market capitalization of $371.95 billion, a PE ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33.

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

Bank of America declared that its board has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change 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 2.2%. Bank of America’s dividend payout ratio is currently 32.75%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Truist Financial boosted their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Seaport Global Securities boosted their price objective on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Twenty research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $53.93.

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.