Game Creek Capital LP Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Game Creek Capital LP cut its holdings in Bank of America Co. (NYSE:BAC) by 12.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 114,250 shares of the financial services provider’s stock after selling 16,000 shares during the quarter. Bank of America accounts for 2.4% of Game Creek Capital LP’s investment portfolio, making the stock its 16th largest position. Game Creek Capital LP’s holdings in Bank of America were worth $4,711,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Arden Trust Co increased its position in shares of Bank of America by 12.5% in the second quarter. Arden Trust Co now owns 93,322 shares of the financial services provider’s stock valued at $3,847,000 after buying an additional 10,343 shares in the last quarter. Cerity Partners LLC increased its position in shares of Bank of America by 33.9% in the first quarter. Cerity Partners LLC now owns 346,170 shares of the financial services provider’s stock valued at $13,393,000 after buying an additional 87,569 shares in the last quarter. Mark Stevens increased its position in shares of Bank of America by 9.6% during the first quarter. Mark Stevens now owns 26,255 shares of the financial services provider’s stock worth $1,016,000 after purchasing an additional 2,306 shares in the last quarter. Galvin Gaustad & Stein LLC increased its position in shares of Bank of America by 2.0% during the second quarter. Galvin Gaustad & Stein LLC now owns 168,175 shares of the financial services provider’s stock worth $6,934,000 after purchasing an additional 3,275 shares in the last quarter. Finally, NEXT Financial Group Inc increased its position in shares of Bank of America by 15.6% during the second quarter. NEXT Financial Group Inc now owns 65,919 shares of the financial services provider’s stock worth $2,718,000 after purchasing an additional 8,905 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Shares of Bank of America stock traded down $1.40 during trading hours on Monday, hitting $39.10. The company’s stock had a trading volume of 1,274,674 shares, compared to its average volume of 49,394,059. Bank of America Co. has a twelve month low of $22.95 and a twelve month high of $43.49. The firm has a fifty day moving average of $40.07 and a 200-day moving average of $40.17. The stock has a market cap of $329.02 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 1.72 and a beta of 1.55. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.74 and a current ratio of 0.74.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.26. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. The business had revenue of $21.50 billion for the quarter, compared to analyst estimates of $21.77 billion. During the same quarter in the prior year, the company posted $0.37 EPS. The company’s quarterly revenue was down 3.6% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.34 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 24th. Investors of record on Friday, September 3rd will be paid a dividend of $0.21 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, September 2nd. This represents a $0.84 annualized dividend and a yield of 2.15%. Bank of America’s dividend payout ratio is presently 38.50%.

Several analysts recently commented on BAC shares. Royal Bank of Canada set a $37.69 price target on Bank of America and gave the stock a “buy” rating in a research report on Wednesday, July 21st. Truist Securities started coverage on Bank of America in a research report on Wednesday, June 2nd. They set a “buy” rating for the company. Truist initiated coverage on Bank of America in a research report on Wednesday, June 2nd. They set a “buy” rating for the company. Keefe, Bruyette & Woods initiated coverage on Bank of America in a report on Wednesday, July 7th. They issued a “market perform” rating and a $43.87 target price for the company. Finally, Morgan Stanley upped their target price on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, July 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Buy” and a consensus price target of $40.42.

In related news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the transaction, the insider now owns 337,006 shares of the company’s stock, valued at approximately $13,473,499.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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