Unison Asset Management LLC raised its stake in Bank of America Co. (NYSE:BAC) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 179,481 shares of the financial services provider’s stock after purchasing an additional 5,219 shares during the period. Bank of America accounts for 6.4% of Unison Asset Management LLC’s holdings, making the stock its 4th biggest holding. Unison Asset Management LLC’s holdings in Bank of America were worth $6,944,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Truvestments Capital LLC bought a new stake in Bank of America in the fourth quarter valued at $25,000. Clark Financial Advisors bought a new stake in Bank of America in the fourth quarter valued at $29,000. Diversified LLC bought a new stake in Bank of America in the fourth quarter valued at $29,000. Kathmere Capital Management LLC bought a new stake in Bank of America in the third quarter valued at $31,000. Finally, Clean Yield Group increased its stake in Bank of America by 90.9% in the fourth quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 500 shares in the last quarter. 68.10% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:BAC traded down $0.44 during trading on Tuesday, reaching $40.12. The company had a trading volume of 727,090 shares, compared to its average volume of 54,064,039. The company has a fifty day moving average of $39.07 and a two-hundred day moving average of $32.43. The stock has a market capitalization of $346.13 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. Bank of America Co. has a 12 month low of $20.10 and a 12 month high of $41.13. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04.
Bank of America declared that its board has approved a stock buyback plan on Tuesday, January 19th that allows the company to buyback $2.90 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm 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 dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Thursday, June 3rd. Bank of America’s dividend payout ratio is currently 24.49%.
Several equities research analysts have recently commented on the stock. UBS Group set a $30.00 target price on shares of Bank of America and gave the stock a “neutral” rating in a research report on Tuesday, January 19th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of America from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, April 1st. Piper Sandler boosted their target price on shares of Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, January 11th. Atlantic Securities upgraded shares of Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 target price on the stock in a research note on Tuesday, January 26th. Finally, Barclays boosted their target price on shares of Bank of America from $40.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, April 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Bank of America currently has a consensus rating of “Buy” and an average target price of $38.26.
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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