Dimensional Fund Advisors LP Has $1.38 Billion Holdings in Bank of America Co. (NYSE:BAC)

Dimensional Fund Advisors LP cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,795,740 shares of the financial services provider’s stock after selling 274,722 shares during the period. Bank of America accounts for approximately 0.4% of Dimensional Fund Advisors LP’s holdings, making the stock its 25th biggest holding. Dimensional Fund Advisors LP owned about 0.44% of Bank of America worth $1,383,755,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC lifted its position 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 purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the 2nd quarter valued at about $30,000. Livelsberger Financial Advisory acquired a new position in Bank of America during the 4th quarter valued at about $28,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the 1st quarter valued at about $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.3 %

BAC opened at $38.65 on Monday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $299.91 billion, a P/E ratio of 13.37, a P/E/G ratio of 1.40 and a beta of 1.33. The stock has a fifty day moving average of $40.14 and a 200-day moving average of $38.74.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the business earned $0.88 earnings per share. Bank of America’s revenue was up .7% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.69%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley increased their price target on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Finally, BMO Capital Markets increased their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was 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 $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was 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 $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 114,391,986 shares of company stock worth $4,719,796,383. Company insiders own 0.29% of the company’s stock.

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.