Geode Capital Management LLC Buys 403,652 Shares of Bank of America Corporation $BAC

Geode Capital Management LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 0.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 148,176,755 shares of the financial services provider’s stock after buying an additional 403,652 shares during the quarter. Bank of America makes up approximately 0.5% of Geode Capital Management LLC’s holdings, making the stock its 24th largest holding. Geode Capital Management LLC owned about 2.00% of Bank of America worth $6,982,863,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Amundi boosted its holdings in Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after buying an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Bank of America by 5.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after acquiring an additional 894,027 shares during the last quarter. Finally, National Pension Service raised its position in shares of Bank of America by 4.2% in the 2nd quarter. National Pension Service now owns 13,512,376 shares of the financial services provider’s stock valued at $639,406,000 after acquiring an additional 542,102 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on BAC. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Barclays raised their price objective on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Truist Financial increased their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Phillip Securities lifted their price objective on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Finally, Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Stock Up 0.3%

NYSE BAC opened at $53.60 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $391.41 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 1.99 and a beta of 1.34. The company has a 50 day moving average of $51.45 and a 200-day moving average of $47.83. 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 issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate 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 $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the company earned $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.