Blueshift Asset Management LLC Buys 10,545 Shares of Bank of America Corporation $BAC

Blueshift Asset Management LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 215.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,435 shares of the financial services provider’s stock after buying an additional 10,545 shares during the period. Blueshift Asset Management LLC’s holdings in Bank of America were worth $730,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BAC. Arrowstreet Capital Limited Partnership lifted its holdings in Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after purchasing an additional 9,782,208 shares during the last quarter. Quantbot Technologies LP raised its position in shares of Bank of America by 1,440.6% in the second quarter. Quantbot Technologies LP now owns 239,179 shares of the financial services provider’s stock valued at $11,318,000 after purchasing an additional 223,654 shares during the period. Van Hulzen Asset Management LLC lifted its stake in shares of Bank of America by 38.4% in the second quarter. Van Hulzen Asset Management LLC now owns 12,474 shares of the financial services provider’s stock worth $590,000 after buying an additional 3,459 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its holdings in shares of Bank of America by 881.5% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock worth $199,236,000 after buying an additional 3,781,417 shares during the period. Finally, Willis Johnson & Associates Inc. grew its stake in Bank of America by 1.8% in the 2nd quarter. Willis Johnson & Associates Inc. now owns 21,234 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 375 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Evercore ISI upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Bank of America in a research note on Thursday, November 6th. Phillip Securities lifted their price target on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Truist Financial upped their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Piper Sandler raised their price objective on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Twenty-three equities 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 has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.12 on Wednesday. The firm has a market capitalization of $387.91 billion, a PE ratio of 14.47 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The business’s 50 day moving average is $51.95 and its 200-day moving average is $48.95.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $0.81 earnings per share. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend 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%.

About Bank of America

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.