Lombard Odier Asset Management Europe Ltd Takes Position in Bank of America Co. (NYSE:BAC)

Lombard Odier Asset Management Europe Ltd purchased a new position in Bank of America Co. (NYSE:BAC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 68,667 shares of the financial services provider’s stock, valued at approximately $2,731,000.

A number of other large investors have also added to or reduced their stakes in the stock. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new stake in Bank of America in the 2nd quarter worth about $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the 4th quarter worth about $28,000. POM Investment Strategies LLC lifted its stake in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on BAC. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Evercore ISI boosted their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Jefferies Financial Group raised their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Stock Down 1.0 %

Shares of Bank of America stock opened at $39.88 on Tuesday. The company has a market cap of $311.88 billion, a P/E ratio of 13.80, a PEG ratio of 1.40 and a beta of 1.33. The firm has a fifty day moving average of $39.94 and a two-hundred day moving average of $38.94. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,780,724 shares of company stock worth $5,342,589,705. 0.29% of the stock is owned by insiders.

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.