Geode Capital Management LLC Has $6.98 Billion Position in Bank of America Corporation $BAC

Geode Capital Management LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 0.3% in the second quarter, Holdings Channel reports. The institutional investor owned 148,176,755 shares of the financial services provider’s stock after buying an additional 403,652 shares during the period. Bank of America accounts for approximately 0.5% of Geode Capital Management LLC’s holdings, making the stock its 24th largest position. Geode Capital Management LLC’s holdings in Bank of America were worth $6,982,863,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG lifted its position in shares of Bank of America by 45.1% in the 1st 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 during the period. Amundi increased its position in Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after buying an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in Bank of America by 5.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after buying an additional 894,027 shares during the last quarter. Finally, National Pension Service lifted its position in Bank of America by 4.2% in the 2nd quarter. National Pension Service now owns 13,512,376 shares of the financial services provider’s stock valued at $639,406,000 after acquiring an additional 542,102 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $53.60 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99. The business’s 50 day simple moving average is $51.45 and its two-hundred day simple moving average is $47.83. The stock has a market capitalization of $391.41 billion, a P/E ratio of 14.60, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BAC. Citigroup boosted their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Wells Fargo & Company boosted their price target on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Finally, Piper Sandler upped their price objective on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

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.