Carrera Capital Advisors Increases Stock Holdings in Bank of America Corporation (NYSE:BAC)

Carrera Capital Advisors raised its position in shares of Bank of America Corporation (NYSE:BAC) by 110.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,762 shares of the financial services provider’s stock after acquiring an additional 5,131 shares during the period. Carrera Capital Advisors’ holdings in Bank of America were worth $407,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Capital World Investors lifted its position in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Northern Trust Corp lifted its position in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Bank of America by 1.3% during 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 buying an additional 803,570 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. HSBC cut Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Truist Financial boosted their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Finally, Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.03.

Bank of America Stock Up 0.2%

Shares of NYSE:BAC opened at $48.47 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a fifty day simple moving average of $45.91 and a 200 day simple moving average of $43.72. The firm has a market cap of $365.09 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.88 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.31%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.

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.