Atlantic Union Bankshares Corp Lowers Stock Holdings in Bank of America Corporation $BAC

Atlantic Union Bankshares Corp reduced its position in Bank of America Corporation (NYSE:BAC) by 39.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,707 shares of the financial services provider’s stock after selling 120,730 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Bank of America were worth $8,693,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Deutsche Bank AG raised its position in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment raised its holdings in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America in the second quarter worth approximately $164,623,000. Maverick Capital Ltd. acquired a new position in Bank of America during the 1st quarter worth approximately $152,098,000. Finally, AMF Tjanstepension AB increased its position in shares of Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after purchasing an additional 3,438,876 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $53.38 on Friday. The stock has a fifty day moving average price of $51.28 and a 200 day moving average price of $47.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $389.81 billion, a PE ratio of 14.54, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.99.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the company earned $0.81 earnings per share. Bank of America’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Argus increased their price objective on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. The Goldman Sachs Group reduced their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 27th. HSBC raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Finally, Evercore ISI increased their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.86.

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.