Shikiar Asset Management Inc. Reduces Holdings in Bank of America Co. (NYSE:BAC)

Shikiar Asset Management Inc. reduced its stake in Bank of America Co. (NYSE:BAC) by 7.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 149,780 shares of the financial services provider’s stock after selling 12,550 shares during the quarter. Bank of America comprises about 1.6% of Shikiar Asset Management Inc.’s portfolio, making the stock its 24th largest holding. Shikiar Asset Management Inc.’s holdings in Bank of America were worth $5,943,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. American National Bank & Trust Co. VA acquired a new stake in shares of Bank of America during the first quarter worth $1,322,000. Citizens Financial Group Inc. RI grew its stake in Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Foster Group Inc. increased its holdings in shares of Bank of America by 19.4% in the first quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after purchasing an additional 1,457 shares during the period. Councilmark Asset Management LLC purchased a new position in shares of Bank of America in the first quarter worth about $771,000. Finally, SteelPeak Wealth LLC lifted its holdings in shares of Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets increased their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Barclays lifted their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group raised their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Insiders Place Their Bets

In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 160,921,082 shares of company stock valued at $6,582,343,525 over the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Trading Up 5.0 %

Shares of BAC stock opened at $41.95 on Friday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s fifty day moving average is $39.41 and its two-hundred day moving average is $39.26. The firm has a market capitalization of $328.06 billion, a P/E ratio of 14.52, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the firm earned $0.88 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a $0.26 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.