Bank of America Corporation $BAC Stock Position Lessened by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 91.7% during the second quarter, Holdings Channel.com reports. The firm owned 7,614 shares of the financial services provider’s stock after selling 84,616 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Bank of America were worth $360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC lifted its position 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 bought a new position in Bank of America during the 2nd quarter valued at $33,000. Finally, 1248 Management LLC acquired a new position in shares of Bank of America during the 1st quarter valued at $50,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAC. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Wells Fargo & Company raised their price objective on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Piper Sandler increased their target price on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Twenty-three investment 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 $57.86.

Bank of America Price Performance

BAC stock opened at $53.22 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99. The firm has a market capitalization of $388.62 billion, a PE ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34. The firm has a 50-day moving average of $51.33 and a two-hundred day moving average of $47.51.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has authorized a share repurchase plan 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 buy up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is 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.