Smartleaf Asset Management LLC Boosts Stock Position in Bank of America Corporation $BAC
Smartleaf Asset Management LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 12.6% in Q1, owning 74,556 shares valued at $3,075,000. Other institutional investors also raised their positions, with Northern Trust Corp increasing by 17.2% and Deutsche Bank AG by 45.1%. Insider James P. Demare sold 148,391 shares, reducing ownership by 39.91%. Analysts have mixed ratings on BAC, with an average target of $50.13. The stock opened at $49.49, with a market cap of $366.53 billion.
Smartleaf Asset Management LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,556 shares of the financial services provider's stock after acquiring an additional 8,351 shares during the period. Smartleaf Asset Management LLC's holdings in Bank of America were worth $3,075,000 at the end of the most recent reporting period.
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Several other institutional investors have also recently made changes to their positions in the stock. Northern Trust Corp raised its position in shares of 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 worth $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock worth $2,521,218,000 after buying an additional 803,570 shares in the last quarter. Deutsche Bank AG raised its position in shares of Bank of America by 45.1% in 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of 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 worth $1,981,816,000 after buying an additional 5,092,504 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of 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 worth $1,716,318,000 after buying an additional 9,258,040 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.
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Insider Activity
In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.
Analyst Upgrades and Downgrades
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A number of brokerages recently issued reports on BAC. Hsbc Global Res downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Phillip Securities downgraded Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Finally, Robert W. Baird restated a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $50.13.
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Bank of America Stock Up 2.5%
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Shares of NYSE:BAC opened at $49.4850 on Friday. 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 capitalization of $366.53 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.87 and a beta of 1.31. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.66. The stock's 50-day moving average price is $47.06 and its 200-day moving average price is $43.86.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate 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 business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the business posted $0.83 earnings per share. Bank of America's quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America declared that its board has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.
Bank of America Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America's dividend payout ratio (DPR) is 30.41%.
About Bank of America
(Free Report)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.
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