Parsons Capital Management Inc. RI Sells 80,046 Shares of Bank of America Corporation $BAC

Parsons Capital Management Inc. RI cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 40.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,065 shares of the financial services provider’s stock after selling 80,046 shares during the period. Parsons Capital Management Inc. RI’s holdings in Bank of America were worth $5,681,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after acquiring an additional 803,570 shares in the last quarter. Deutsche Bank AG lifted its stake in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Amundi lifted its stake in Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after acquiring an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after acquiring an additional 188,638 shares in the last quarter. Finally, National Pension Service lifted its stake in Bank of America by 2.4% during the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after acquiring an additional 300,944 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 1.8%

Shares of BAC opened at $50.67 on Thursday. The business has a 50-day moving average of $49.29 and a 200 day moving average of $45.13. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm has a market cap of $375.29 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is 32.75%.

Bank of America declared that its board has authorized a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Oppenheimer dropped their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. 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. The Goldman Sachs Group set a $55.00 price target on shares of Bank of America in a report on Tuesday. Finally, 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 report on Tuesday, September 23rd. 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.78.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

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.