Sunbeam Capital Management LLC Acquires 439 Shares of Bank of America Corporation $BAC

Sunbeam Capital Management LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 7.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,476 shares of the financial services provider’s stock after purchasing an additional 439 shares during the quarter. Sunbeam Capital Management LLC’s holdings in Bank of America were worth $306,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after acquiring an additional 803,570 shares during the period. Deutsche Bank AG boosted its position in shares of 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 acquiring an additional 14,960,086 shares during the period. Amundi boosted its position in shares of Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Bank of America by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after acquiring an additional 188,638 shares during the period. Finally, National Pension Service boosted its position in shares of Bank of America by 2.4% in the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after acquiring an additional 300,944 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. Citigroup raised their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Seaport Global Securities raised their target price on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial raised their target price on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Finally, Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Nineteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.38.

Insider Activity at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Trading Down 0.6%

Shares of BAC opened at $50.36 on Tuesday. The firm’s 50 day simple moving average is $49.42 and its 200 day simple moving average is $45.35. The company has a market capitalization of $373.01 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 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 $52.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is 32.75%.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.