Bank of America Corporation $BAC Shares Sold by Davis Investment Partners LLC

Davis Investment Partners LLC trimmed its stake in Bank of America Corporation (NYSE:BAC) by 0.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,026 shares of the financial services provider’s stock after selling 304 shares during the quarter. Bank of America makes up 1.3% of Davis Investment Partners LLC’s portfolio, making the stock its 13th biggest holding. Davis Investment Partners LLC’s holdings in Bank of America were worth $3,661,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp grew its position in Bank of America by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after acquiring an additional 803,570 shares during the period. Deutsche Bank AG raised its holdings in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Bank of America by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock worth $1,981,816,000 after purchasing an additional 5,092,504 shares during the period. Amundi increased its stake in shares of Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.3%

NYSE:BAC opened at $50.60 on Monday. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.96. The firm has a 50-day moving average of $48.13 and a 200-day moving average of $44.28. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market cap of $374.79 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.34.

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

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors 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. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BAC shares. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Truist Financial boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. HSBC downgraded Bank of America from a “buy” rating to a “hold” rating and boosted their target price for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $50.39.

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.