Bank of America Corporation $BAC Shares Acquired by Algert Global LLC

Algert Global LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,757 shares of the financial services provider’s stock after buying an additional 1,800 shares during the quarter. Algert Global LLC’s holdings in Bank of America were worth $950,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in BAC. Deutsche Bank AG grew its position in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Northern Trust Corp lifted its stake in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Bank of America by 31.1% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider’s stock valued at $1,716,318,000 after buying an additional 9,258,040 shares during the last quarter. Theleme Partners LLP bought a new stake in Bank of America in the fourth quarter valued at $263,449,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Bank of America by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock valued at $1,981,816,000 after buying an additional 5,092,504 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $49.4850 on Friday. The business’s 50-day moving average price is $47.06 and its 200 day moving average price is $43.86. The firm has a market cap of $366.53 billion, a P/E ratio of 14.47, a PEG ratio of 1.87 and a beta of 1.31. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.66. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 earnings per share. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 30.41%.

Bank of America announced that its board has initiated a stock 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 buy up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Cowen assumed coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Truist Financial lifted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.13.

Insider Transactions at Bank of America

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

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.