Bank of America Corporation $BAC Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 82.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,323 shares of the financial services provider’s stock after buying an additional 9,199 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Bank of America were worth $965,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter worth $28,000. CGC Financial Services LLC boosted its holdings in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Acima Private Wealth LLC acquired a new position in Bank of America in the second quarter worth $33,000. Finally, Cloud Capital Management LLC acquired a new position in Bank of America in the first quarter worth $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.98 on Tuesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.07. The firm’s 50-day simple moving average is $50.68 and its 200 day simple moving average is $46.56. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $392.43 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share 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 business had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase 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 typically an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently disclosed 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Insider Buying and Selling 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 dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on BAC. TD Cowen lifted their price objective on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Morgan Stanley raised their target price on Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Finally, Oppenheimer raised their target price on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $57.32.

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.