Bank of New York Mellon Corp Decreases Holdings in Bank of America Corporation $BAC

Bank of New York Mellon Corp lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,980,401 shares of the financial services provider’s stock after selling 4,437,006 shares during the period. Bank of America comprises 0.5% of Bank of New York Mellon Corp’s investment portfolio, making the stock its 29th biggest position. Bank of New York Mellon Corp owned about 0.76% of Bank of America worth $2,648,993,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BAC. Quaker Wealth Management LLC lifted its position in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares in the last quarter. Nova Wealth Management Inc. lifted its holdings 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 purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC grew its holdings in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC purchased a new stake in shares of Bank of America during the second quarter worth $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Robert W. Baird raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday. Seaport Global Securities upped their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Finally, Oppenheimer boosted their price objective on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Stock Performance

Shares of BAC stock opened at $53.55 on Monday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $396.63 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. The firm’s 50 day moving average price is $51.03 and its 200-day moving average price is $47.09. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.64.

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

Bank of America Announces Dividend

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

Bank of America announced that its Board of Directors has initiated a stock repurchase 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.