Oakworth Capital Inc. Reduces Stock Position in Bank of America Corporation $BAC

Oakworth Capital Inc. cut its position in Bank of America Corporation (NYSE:BAC) by 5.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,308 shares of the financial services provider’s stock after selling 1,007 shares during the period. Oakworth Capital Inc.’s holdings in Bank of America were worth $866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. 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 during the period. GAMMA Investing LLC increased its stake in shares of Bank of America by 4,414.4% in the first quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider’s stock worth $194,212,000 after acquiring an additional 4,550,930 shares during the period. Unisphere Establishment raised its holdings in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Bank of America during the second quarter worth $164,623,000. Finally, Maverick Capital Ltd. acquired a new position in Bank of America during the first quarter valued at $152,098,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 0.7%

Shares of NYSE:BAC opened at $52.21 on Monday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm has a market capitalization of $386.72 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business’s 50 day moving average price is $49.07 and its 200-day moving average price is $44.97.

Bank of America (NYSE:BAC) last issued its quarterly 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 company had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 EPS. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

Bank of America announced that its Board of Directors has initiated a share buyback 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 purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Truist Financial increased their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was 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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

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.