Allred Capital Management LLC Acquires 2,124 Shares of Bank of America Co. (NYSE:BAC)

Allred Capital Management LLC increased its position in Bank of America Co. (NYSE:BAC) by 23.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,125 shares of the financial services provider’s stock after purchasing an additional 2,124 shares during the quarter. Allred Capital Management LLC’s holdings in Bank of America were worth $458,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in Bank of America in the fourth quarter worth $3,938,246,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Bank of America by 2.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 21,206,787 shares of the financial services provider’s stock worth $874,144,000 after purchasing an additional 501,064 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Bank of America by 16.1% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 16,104,424 shares of the financial services provider’s stock worth $717,144,000 after purchasing an additional 2,232,964 shares during the period. Himalaya Capital Management LLC lifted its position in Bank of America by 18.0% in the fourth quarter. Himalaya Capital Management LLC now owns 14,586,987 shares of the financial services provider’s stock worth $648,975,000 after purchasing an additional 2,228,000 shares during the period. Finally, Ensign Peak Advisors Inc raised its stake in Bank of America by 9.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 11,123,987 shares of the financial services provider’s stock worth $494,906,000 after acquiring an additional 994,774 shares in the last quarter. 70.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Credit Suisse Group lowered their target price on Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, July 19th. StockNews.com initiated coverage on Bank of America in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Barclays lowered their target price on Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, July 19th. Societe Generale upgraded Bank of America from a “hold” rating to a “buy” rating and set a $37.50 target price for the company in a research note on Monday, July 11th. Finally, Piper Sandler lowered their target price on Bank of America from $51.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.66.

Bank of America Stock Down 0.6 %

Bank of America stock traded down $0.21 during midday trading on Thursday, reaching $33.38. The stock had a trading volume of 673,397 shares, compared to its average volume of 38,852,872. The firm’s fifty day simple moving average is $33.39 and its 200-day simple moving average is $39.21. Bank of America Co. has a 1-year low of $29.67 and a 1-year high of $50.11. The stock has a market capitalization of $268.94 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 1.45 and a beta of 1.41. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74.

Bank of America (NYSE:BACGet Rating) last announced its earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The firm had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. During the same period in the prior year, the business posted $1.03 EPS. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, analysts expect that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be given a dividend of $0.22 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 annualized dividend and a dividend yield of 2.64%. Bank of America’s payout ratio is 26.25%.

About Bank of America

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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