Delta Asset Management LLC TN cut its stake in shares of Bank of America Co. (NYSE:BAC – Free Report) by 5.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 16,947 shares of the financial services provider’s stock after selling 950 shares during the period. Delta Asset Management LLC TN’s holdings in Bank of America were worth $486,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC raised its stake in Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares during the last quarter. Norges Bank acquired a new stake in Bank of America in the 4th quarter valued at about $3,436,543,000. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Bank of America by 69,466.5% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 97,976,121 shares of the financial services provider’s stock worth $2,810,935,000 after purchasing an additional 97,835,283 shares in the last quarter. Berkshire Hathaway Inc boosted its holdings in shares of Bank of America by 2.3% during the 1st quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock worth $29,539,567,000 after purchasing an additional 22,751,400 shares during the last quarter. Finally, Snider Financial Group increased its holdings in shares of Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after purchasing an additional 14,297,496 shares during the last quarter. 68.06% of the stock is owned by hedge funds and other institutional investors.
Bank of America Stock Down 0.1 %
Shares of BAC stock traded down $0.03 during trading hours on Monday, reaching $29.95. 9,560,852 shares of the stock were exchanged, compared to its average volume of 48,810,371. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.87. The business’s fifty day moving average is $27.42 and its two-hundred day moving average is $28.59. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $237.02 billion, a P/E ratio of 8.40, a P/E/G ratio of 1.22 and a beta of 1.38.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.96 annualized dividend and a dividend yield of 3.21%. Bank of America’s dividend payout ratio is currently 26.89%.
Analyst Upgrades and Downgrades
BAC has been the subject of several analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $35.00 target price on shares of Bank of America in a report on Tuesday, September 12th. Keefe, Bruyette & Woods upgraded shares of Bank of America from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $29.00 to $30.00 in a report on Monday, November 6th. HSBC initiated coverage on shares of Bank of America in a report on Thursday, September 7th. They set a “buy” rating and a $35.00 price target for the company. Piper Sandler decreased their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a report on Friday, September 15th. Finally, BMO Capital Markets lifted their target price on Bank of America from $39.00 to $40.00 and gave the company a “market perform” rating in a research report on Wednesday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average price target of $35.54.
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. 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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