Thoroughbred Financial Services LLC Has $5.95 Million Stock Holdings in Bank of America Corporation $BAC

Thoroughbred Financial Services LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 20.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 125,648 shares of the financial services provider’s stock after selling 32,857 shares during the period. Thoroughbred Financial Services LLC’s holdings in Bank of America were worth $5,945,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in Bank of America by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after acquiring an additional 403,652 shares in the last quarter. Deutsche Bank AG increased its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Amundi raised its stake in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 purchasing an additional 188,638 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Bank of America by 5.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after buying an additional 894,027 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.6%

BAC opened at $52.57 on Friday. The stock’s fifty day simple moving average is $51.63 and its 200 day simple moving average is $47.99. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The stock has a market cap of $383.88 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. 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 (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Piper Sandler lifted their target price on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Truist Financial increased their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Phillip Securities boosted their price target on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Finally, Wells Fargo & Company raised their price objective on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.