Bank of America Corporation $BAC Stock Position Decreased by AMG National Trust Bank

AMG National Trust Bank cut its position in shares of Bank of America Corporation (NYSE:BAC) by 2.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,362 shares of the financial services provider’s stock after selling 1,202 shares during the period. AMG National Trust Bank’s holdings in Bank of America were worth $2,052,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Bank of America by 7.8% during the 1st quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock valued at $1,013,000 after acquiring an additional 1,765 shares during the last quarter. Novem Group increased its holdings in shares of Bank of America by 23.7% during the 1st quarter. Novem Group now owns 9,554 shares of the financial services provider’s stock valued at $399,000 after acquiring an additional 1,833 shares during the last quarter. Cohen Investment Advisors LLC increased its holdings in shares of Bank of America by 15.1% during the 1st quarter. Cohen Investment Advisors LLC now owns 85,021 shares of the financial services provider’s stock valued at $3,548,000 after acquiring an additional 11,178 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its position in Bank of America by 9.1% during the 1st quarter. IFM Investors Pty Ltd now owns 1,425,405 shares of the financial services provider’s stock worth $56,560,000 after acquiring an additional 118,693 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $53.55 on Friday. The stock has a market cap of $396.63 billion, a P/E ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The company’s 50-day simple moving average is $51.03 and its 200 day simple moving average is $46.96. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.64. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. As a group, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Bank of America announced that its Board of Directors has approved a stock 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 often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have weighed in on BAC. The Goldman Sachs Group cut their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Barclays lifted their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Truist Financial lifted their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Ameriprise Financial raised Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. lifted their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.59.

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.