Davis Selected Advisers lowered its position in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,625,509 shares of the financial services provider’s stock after selling 8,950 shares during the period. Bank of America accounts for approximately 0.6% of Davis Selected Advisers’ portfolio, making the stock its 28th largest position. Davis Selected Advisers’ holdings in Bank of America were worth $140,271,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of BAC. Truvestments Capital LLC purchased a new stake in Bank of America in the fourth quarter valued at $25,000. Robbins Farley LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $25,000. Ritter Daniher Financial Advisory LLC increased its holdings in shares of Bank of America by 156.7% in the 1st quarter. Ritter Daniher Financial Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 500 shares during the period. Sage Financial Management Group Inc. purchased a new stake in Bank of America in the 1st quarter valued at $33,000. Finally, Encompass Wealth Advisors LLC purchased a new position in Bank of America during the 4th quarter worth $36,000. Institutional investors own 70.23% of the company’s stock.
Shares of NYSE BAC traded up $0.49 during midday trading on Thursday, reaching $40.69. 840,315 shares of the stock were exchanged, compared to its average volume of 50,932,949. The stock’s 50 day simple moving average is $41.22. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market capitalization of $348.69 billion, a P/E ratio of 17.25, a P/E/G ratio of 1.92 and a beta of 1.56. Bank of America Co. has a 52-week low of $22.39 and a 52-week high of $43.49.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.77%. Bank of America’s payout ratio is 38.50%.
Bank of America announced that its board has approved a share repurchase program on Thursday, April 15th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
A number of research firms have recently issued reports on BAC. Truist Securities began coverage on Bank of America in a report on Wednesday, June 2nd. They issued a “buy” rating on the stock. Credit Suisse Group upped their price objective on shares of Bank of America from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 15th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of America from $35.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, April 1st. Barclays boosted their target price on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 7th. Finally, Morgan Stanley raised their price objective on shares of Bank of America from $36.00 to $38.00 and gave the company an “underweight” rating in a research note on Monday, March 1st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the stock. Bank of America has an average rating of “Buy” and an average price target of $38.78.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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