Bank of America Corporation $BAC Shares Purchased by Saiph Capital LLC

Saiph Capital LLC raised its position in Bank of America Corporation (NYSE:BAC) by 18.8% during the second quarter, Holdings Channel.com reports. The firm owned 128,111 shares of the financial services provider’s stock after buying an additional 20,315 shares during the period. Bank of America accounts for about 2.0% of Saiph Capital LLC’s holdings, making the stock its 14th largest holding. Saiph Capital LLC’s holdings in Bank of America were worth $6,062,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. XTX Topco Ltd acquired a new position in shares of Bank of America during the 1st quarter valued at about $351,000. WealthShield Partners LLC lifted its holdings in shares of Bank of America by 120.9% during the 1st quarter. WealthShield Partners LLC now owns 15,959 shares of the financial services provider’s stock worth $666,000 after acquiring an additional 8,734 shares during the period. Evolution Wealth Advisors LLC acquired a new stake in shares of Bank of America in the first quarter worth approximately $829,000. Finally, Deutsche Bank AG grew its holdings in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC stock opened at $54.09 on Friday. The firm has a market cap of $394.99 billion, a P/E ratio of 14.74 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current 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 50-day simple moving average of $52.04 and a 200-day simple moving average of $49.02.

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

Bank of America Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BAC shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Argus boosted their price target on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. UBS Group raised their price objective on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Piper Sandler increased their target price 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 assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.77.

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