Bank of America Corporation $BAC Shares Sold by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 35.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,656 shares of the financial services provider’s stock after selling 13,415 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Bank of America were worth $1,167,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Quaker Wealth Management LLC increased its position in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. boosted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC acquired a new stake in Bank of America in the 2nd quarter valued at approximately $28,000. CGC Financial Services LLC raised its position in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the period. Finally, Wealth Preservation Advisors LLC lifted its stake in Bank of America by 48.7% during the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 223 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday. HSBC raised their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Barclays boosted their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, The Goldman Sachs Group cut their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Up 1.1%

BAC stock opened at $55.14 on Monday. The company’s 50 day moving average price is $52.39 and its 200 day moving average price is $49.53. The firm has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $55.30. 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 (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Bank of America Company 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.