Bank of America Co. (NYSE:BAC) Holdings Lowered by Campbell Capital Management Inc.


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Campbell Capital Management Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 0.8% during the 1st quarter, Holdings Channel.com reports. The fund owned 183,983 shares of the financial services provider’s stock after selling 1,402 shares during the period. Bank of America accounts for about 3.3% of Campbell Capital Management Inc.’s portfolio, making the stock its 9th largest position. Campbell Capital Management Inc.’s holdings in Bank of America were worth $7,118,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Truvestments Capital LLC purchased a new position in shares of Bank of America in the fourth quarter valued at about $25,000. Clark Financial Advisors purchased a new stake in shares of Bank of America in the fourth quarter worth about $29,000. Diversified LLC purchased a new stake in shares of Bank of America in the fourth quarter worth about $29,000. Kathmere Capital Management LLC purchased a new stake in shares of Bank of America in the third quarter worth about $31,000. Finally, Clean Yield Group lifted its position in shares of Bank of America by 90.9% in the fourth quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock worth $32,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.

NYSE BAC traded down $0.45 during midday trading on Thursday, hitting $39.60. 1,495,874 shares of the company traded hands, compared to its average volume of 55,645,949. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $341.64 billion, a PE ratio of 19.54, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. The company’s 50-day simple moving average is $37.14 and its 200-day simple moving average is $30.45. Bank of America Co. has a 52 week low of $20.10 and a 52 week high of $40.28.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.04. The business had revenue of $20.10 billion for the quarter, compared to analysts’ expectations of $20.76 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. On average, research analysts predict that Bank of America Co. will post 1.84 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Tuesday, January 19th that allows the company to buyback $2.90 billion in shares. This buyback authorization allows the financial services provider to buy up to 1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Friday, March 5th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, March 4th. This represents a $0.72 annualized dividend and a yield of 1.82%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.

A number of research firms recently commented on BAC. Smith Barney Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating in a research report on Monday, January 11th. Royal Bank of Canada upped their target price on Bank of America from $28.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, January 20th. Piper Sandler upped their target price on Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, January 11th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $31.00 to $37.00 in a research note on Monday, January 11th. Finally, Credit Suisse Group increased their price objective on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 20th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $34.55.

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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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