KBC Group NV Buys 261,679 Shares of Bank of America Corporation $BAC

KBC Group NV lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,752,575 shares of the financial services provider’s stock after acquiring an additional 261,679 shares during the period. Bank of America makes up about 1.2% of KBC Group NV’s investment portfolio, making the stock its 12th largest holding. KBC Group NV owned about 0.13% of Bank of America worth $461,492,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of BAC. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in Bank of America in the 1st quarter valued at $1,447,000. Prevail Innovative Wealth Advisors LLC bought a new stake in Bank of America during the 1st quarter worth about $3,700,000. BluePointe Capital Management LLC acquired a new position in shares of Bank of America during the 1st quarter worth about $264,000. Finally, Mosaic Family Wealth Partners LLC grew its holdings in shares of Bank of America by 6.8% in the 1st quarter. Mosaic Family Wealth Partners LLC now owns 39,985 shares of the financial services provider’s stock valued at $1,669,000 after acquiring an additional 2,531 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Seaport Global Securities upped their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Citigroup upped their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Barclays increased their price objective on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Truist Financial boosted their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Trading Up 0.3%

Shares of Bank of America stock opened at $53.60 on Wednesday. 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 50-day moving average of $51.45 and a 200-day moving average of $47.83. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.99. The stock has a market cap of $391.41 billion, a PE ratio of 14.60, a PEG ratio of 1.99 and a beta of 1.34.

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

Bank of America Announces Dividend

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. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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.