Atlantic Union Bankshares Corp increased its position in shares of Bank of America Co. (NYSE:BAC) by 21.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 182,999 shares of the financial services provider’s stock after buying an additional 32,786 shares during the period. Atlantic Union Bankshares Corp’s holdings in Bank of America were worth $5,250,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Berkshire Hathaway Inc raised its holdings in shares of Bank of America by 2.3% in the 1st quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after purchasing an additional 22,751,400 shares during the period. Moneta Group Investment Advisors LLC increased its position in Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 22.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 127,177,786 shares of the financial services provider’s stock valued at $4,212,128,000 after buying an additional 23,532,190 shares during the period. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.5% in the first quarter. Geode Capital Management LLC now owns 125,467,577 shares of the financial services provider’s stock valued at $3,580,515,000 after buying an additional 1,830,802 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth approximately $3,436,543,000. 68.06% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have commented on BAC. HSBC initiated coverage on shares of Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 price objective for the company. Piper Sandler dropped their price target on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a report on Friday. Oppenheimer lowered their price objective on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 18th. Wells Fargo & Company reduced their target price on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, August 23rd. Finally, BMO Capital Markets lowered their price target on shares of Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $35.98.
Bank of America Trading Down 0.1 %
Shares of BAC stock opened at $28.81 on Monday. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $38.60. The stock’s fifty day simple moving average is $29.98 and its 200 day simple moving average is $29.22. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $228.93 billion, a P/E ratio of 8.29, a P/E/G ratio of 1.22 and a beta of 1.37.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The company had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter in the prior year, the firm posted $0.73 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.41 EPS for the current fiscal year.
Bank of America Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.24 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Thursday, August 31st. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.
Insiders Place Their Bets
In related news, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total value of $2,449,332.88. Following the transaction, the insider now directly owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the transaction, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider James P. Demare sold 75,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The disclosure for this sale can be found here. Company insiders own 0.27% 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. 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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