Allianz SE Sells 2,245 Shares of Bank of America Corporation $BAC

Allianz SE lessened its holdings in Bank of America Corporation (NYSE:BAC) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 332,835 shares of the financial services provider’s stock after selling 2,245 shares during the period. Allianz SE’s holdings in Bank of America were worth $15,750,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Capital Investment Counsel Inc raised its position in Bank of America by 3.1% during the second quarter. Capital Investment Counsel Inc now owns 92,538 shares of the financial services provider’s stock valued at $4,379,000 after purchasing an additional 2,786 shares during the period. Francis Financial Inc. boosted its holdings in shares of Bank of America by 8.6% in the 2nd quarter. Francis Financial Inc. now owns 8,623 shares of the financial services provider’s stock worth $408,000 after purchasing an additional 685 shares during the period. ABN Amro Investment Solutions bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $69,994,000. Police & Firemen s Retirement System of New Jersey raised its holdings in Bank of America by 7.4% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 1,041,114 shares of the financial services provider’s stock valued at $49,266,000 after buying an additional 72,058 shares during the period. Finally, Renasant Bank raised its holdings in Bank of America by 146.5% during the 2nd quarter. Renasant Bank now owns 20,716 shares of the financial services provider’s stock valued at $980,000 after buying an additional 12,311 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of analyst reports. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Truist Financial boosted their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Royal Bank Of Canada restated an “outperform” rating on shares of Bank of America in a research note on Thursday, November 6th. Evercore ISI lifted 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. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Price Performance

Bank of America stock opened at $54.03 on Thursday. The stock has a market capitalization of $394.57 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.99 and a beta of 1.34. The company’s fifty day moving average price is $51.52 and its 200 day moving average price is $47.87. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating 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 $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the company posted $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts anticipate 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 buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. 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 dividend payout ratio is presently 30.52%.

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.