Acadian Asset Management LLC Boosts Holdings in Bank of America Corporation $BAC

Acadian Asset Management LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 108.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,240,132 shares of the financial services provider’s stock after purchasing an additional 1,688,523 shares during the quarter. Acadian Asset Management LLC’s holdings in Bank of America were worth $135,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vega Investment Solutions bought a new position in shares of Bank of America during the 4th quarter valued at $30,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the 4th quarter valued at $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America during the 4th quarter valued at $38,000. Mascagni Wealth Management Inc. bought a new position in shares of Bank of America during the 4th quarter valued at $40,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at $40,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Truist Financial increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Citigroup raised their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Finally, Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.39.

Bank of America Trading Down 0.4%

NYSE:BAC opened at $50.08 on Wednesday. The company has a 50-day moving average price of $48.03 and a 200-day moving average price of $44.15. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $50.92. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market cap of $370.93 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 1.92 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the company posted $0.83 EPS. Bank of America’s revenue was up 4.3% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

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.