Ransom Advisory Ltd Makes New $2.17 Million Investment in Bank of America Corporation $BAC

Ransom Advisory Ltd purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 51,949 shares of the financial services provider’s stock, valued at approximately $2,168,000. Bank of America accounts for approximately 1.1% of Ransom Advisory Ltd’s investment portfolio, making the stock its 23rd largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in shares of Bank of America by 1.3% in the 1st 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 acquiring an additional 803,570 shares during the period. Deutsche Bank AG raised its holdings in 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 purchasing an additional 14,960,086 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 worth $1,981,816,000 after purchasing an additional 5,092,504 shares during the period. Amundi boosted 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 purchasing an additional 1,413,313 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction 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 sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Trading Up 1.7%

Bank of America stock opened at $50.28 on Wednesday. The company has a 50 day moving average price of $48.03 and a 200 day moving average price of $44.15. 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 Corporation has a 52 week low of $33.06 and a 52 week high of $50.92. The firm has a market capitalization of $372.42 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 1.92 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its earnings results 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. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations 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 quarter last year, the firm posted $0.83 earnings per share. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and lifted their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Truist Financial increased their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Finally, Morgan Stanley raised their price objective on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, June 23rd. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.39.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.