Delta Global Management LP Cuts Stake in Bank of America Corporation $BAC

Delta Global Management LP reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 18.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,860 shares of the financial services provider’s stock after selling 79,714 shares during the quarter. Bank of America comprises approximately 0.9% of Delta Global Management LP’s holdings, making the stock its 26th largest position. Delta Global Management LP’s holdings in Bank of America were worth $19,957,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Oddo BHF Asset Management Sas grew its holdings in Bank of America by 2,008.4% during the 4th quarter. Oddo BHF Asset Management Sas now owns 157,727 shares of the financial services provider’s stock valued at $8,675,000 after buying an additional 150,246 shares in the last quarter. Rakuten Investment Management Inc. grew its holdings in Bank of America by 7,006.5% during the 4th quarter. Rakuten Investment Management Inc. now owns 897,273 shares of the financial services provider’s stock valued at $49,664,000 after buying an additional 884,647 shares in the last quarter. Abound Financial LLC purchased a new stake in Bank of America during the 4th quarter valued at approximately $26,000. L2 Asset Management LLC grew its holdings in Bank of America by 5.9% during the 4th quarter. L2 Asset Management LLC now owns 60,397 shares of the financial services provider’s stock valued at $3,322,000 after buying an additional 3,368 shares in the last quarter. Finally, Gould Asset Management LLC CA grew its holdings in Bank of America by 25.0% during the 4th quarter. Gould Asset Management LLC CA now owns 11,849 shares of the financial services provider’s stock valued at $652,000 after buying an additional 2,370 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.2%

Shares of BAC opened at $55.89 on Tuesday. The company has a market cap of $396.62 billion, a PE ratio of 13.83, a P/E/G ratio of 0.95 and a beta of 1.19. The business has a fifty day moving average of $52.42 and a 200 day moving average of $52.44. Bank of America Corporation has a 52-week low of $44.06 and a 52-week high of $57.55. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. On average, sell-side analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BAC shares. Jefferies Financial Group increased their target price on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Piper Sandler boosted their price target on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Erste Group Bank cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Argus boosted their price target on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.