Banco Bilbao Vizcaya Argentaria S.A. Sells 336,398 Shares of Bank of America Corporation $BAC

Banco Bilbao Vizcaya Argentaria S.A. cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 28.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 867,046 shares of the financial services provider’s stock after selling 336,398 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.’s holdings in Bank of America were worth $41,004,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wealth Advisory Solutions LLC raised its position in Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares during the period. Ballast Advisors LLC raised its holdings in shares of Bank of America by 4.1% in the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 218 shares during the period. Cyndeo Wealth Partners LLC lifted its stake in Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC lifted its stake in Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares during the last quarter. Finally, Nova Wealth Management Inc. grew its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $52.92 on Friday. The company’s 50 day simple moving average is $51.57 and its two-hundred day simple moving average is $47.90. 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 1 year low of $33.06 and a 1 year high of $54.69. The stock has a market capitalization of $386.45 billion, a PE ratio of 14.42, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analysts Set New Price Targets

A number of research analysts have recently commented on BAC shares. Barclays upped their price target on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Seaport Global Securities boosted their price objective on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Evercore ISI increased their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. HSBC boosted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

About Bank of America

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.