Capital International Inc. CA Acquires 23,451 Shares of Bank of America Co. (NYSE:BAC)

Capital International Inc. CA grew its holdings in Bank of America Co. (NYSE:BAC) by 9.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 279,301 shares of the financial services provider’s stock after purchasing an additional 23,451 shares during the quarter. Capital International Inc. CA’s holdings in Bank of America were worth $10,591,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Delos Wealth Advisors LLC increased its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares in the last quarter. Livelsberger Financial Advisory purchased a new stake in Bank of America during the 4th quarter worth approximately $28,000. Criterion Capital Advisors LLC acquired a new position in Bank of America during the 4th quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the first quarter worth $33,000. Finally, Clearstead Trust LLC lifted its stake in shares of Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.0 %

Shares of BAC stock traded down $0.01 during trading on Friday, hitting $41.67. 52,039,806 shares of the stock traded hands, compared to its average volume of 38,920,254. The firm’s fifty day moving average price is $40.44 and its 200-day moving average price is $37.22. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $325.87 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 1.59 and a beta of 1.35. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the company earned $0.88 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.50%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 36,753,983 shares of company stock worth $1,588,489,324 over the last three months. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on BAC shares. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $41.92.

Bank of America Profile

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.