Capital Group International Inc. CA reduced its holdings in Bank of America Co. (NYSE:BAC) by 30.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 264,500 shares of the financial services provider’s stock after selling 116,024 shares during the quarter. Capital Group International Inc. CA’s holdings in Bank of America were worth $10,903,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in BAC. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth approximately $3,938,246,000. Snider Financial Group boosted its position in shares of Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after purchasing an additional 14,297,496 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Bank of America by 3,474.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock valued at $480,579,000 after purchasing an additional 11,332,721 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $234,465,000. Finally, Vanguard Group Inc. boosted its position in shares of Bank of America by 0.9% during the first quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock valued at $24,369,557,000 after purchasing an additional 5,015,041 shares in the last quarter. 68.48% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts have issued reports on the company. Piper Sandler lowered their price objective on Bank of America from $51.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Credit Suisse Group lowered their price objective on Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft decreased their price target on Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company decreased their price target on Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Finally, Royal Bank of Canada decreased their price target on Bank of America from $45.00 to $40.00 in a research note on Tuesday, July 19th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.58.
Bank of America Stock Performance
Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). The business had revenue of $22.69 billion during the quarter, compared to the consensus estimate of $22.79 billion. Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business’s revenue was up 5.7% on a year-over-year basis. During the same period last year, the company earned $1.03 EPS. Analysts forecast that Bank of America Co. will post 3.2 EPS for the current year.
Bank of America Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be paid a $0.22 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.60%. Bank of America’s dividend payout ratio is 27.50%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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