Vishria Bird Financial Group LLC lifted its holdings in Bank of America Corp (NYSE:BAC) by 4.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 202,560 shares of the financial services provider’s stock after buying an additional 8,657 shares during the period. Bank of America makes up 5.9% of Vishria Bird Financial Group LLC’s holdings, making the stock its 6th biggest position. Vishria Bird Financial Group LLC’s holdings in Bank of America were worth $5,874,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the company. Matthew Goff Investment Advisor LLC raised its stake in Bank of America by 3.3% during the fourth quarter. Matthew Goff Investment Advisor LLC now owns 198,107 shares of the financial services provider’s stock worth $4,881,000 after purchasing an additional 6,393 shares during the period. Sound View Wealth Advisors LLC purchased a new position in Bank of America during the fourth quarter worth about $1,114,000. Clal Insurance Enterprises Holdings Ltd raised its stake in Bank of America by 51.4% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,968,809 shares of the financial services provider’s stock worth $48,511,000 after purchasing an additional 668,809 shares during the period. Godshalk Welsh Capital Management Inc. raised its stake in Bank of America by 2.4% during the fourth quarter. Godshalk Welsh Capital Management Inc. now owns 50,875 shares of the financial services provider’s stock worth $1,254,000 after purchasing an additional 1,200 shares during the period. Finally, M Holdings Securities Inc. raised its stake in Bank of America by 22.0% during the first quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock worth $3,144,000 after purchasing an additional 20,587 shares during the period. 68.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BAC traded up $0.02 during trading on Wednesday, reaching $30.91. 1,198,811 shares of the company traded hands, compared to its average volume of 41,337,796. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91. The firm has a market cap of $292.57 billion, a PE ratio of 11.84, a PEG ratio of 1.21 and a beta of 1.53. The business’s 50-day moving average is $29.11. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.33%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is 22.99%.
Bank of America declared that its Board of Directors has authorized a share repurchase plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Pinduoduo in a research note on Tuesday, July 9th. They set an “underweight” rating and a $20.48 target price on the stock. Berenberg Bank downgraded shares of to a “hold” rating and reduced their target price for the stock from GBX 283 ($3.70) to GBX 103 ($1.35) in a research note on Monday, June 17th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a research note on Monday, June 17th. Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research note on Tuesday, April 30th. Finally, HSBC reaffirmed a “hold” rating on shares of Societe Generale in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $33.02.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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