Bank of America, Davis’ Advisor, Cuts Holdings: Opportunity or Mistake?

Financial Advisors

Financial services provider Davis Selected Advisors recently reduced its stake in Bank of America by 5.5% during the fourth quarter. The company sold 172,089 shares and now owns 2,949,213 shares in the bank, according to its latest disclosure to the Securities and Exchange Commission (SEC). The sale dropped Bank of America to about 0.7% of Davis Selected Advisors’ holdings, making it the 24th largest holding. Bank of America holdings of Davis Selected Advisors were worth $97.678 million, according to SEC filings.

The sale comes before Bank of America reports its first-quarter results on April 18. The bank reported first-quarter earnings per share (EPS) of $0.94, $0.11 per share above the consensus EPS estimate of $0.83. The company’s revenue for the quarter was $26.26 billion, compared with analyst expectations of $25.28 billion. Additionally, Bank of America’s quarterly sales increased 13% year-over-year.

Bank of America Corp provides banking and non-bank financial services to consumers, as well as investment products for small businesses through its consumer banking and credit services solutions segments (Global Wealth and Investment Management (GWIM), Global Banking and Global Markets). is a bank holding company known for providing everything else.

In conclusion, Davis Selected Advisors appears to have cut its Bank of America holding at the right time, from another perspective as an affiliated owner, but strong growth numbers show consistent success rates. It provides concrete projections for prospective investors who are cautiously treading potential investments in today’s volatile market sector.

Institutional investors increase their holdings of Bank of America Corporation.Various research reports suggest growth potential

Bank of America Corporation (BAC) has seen a lot of activity among hedge funds and institutional investors, with 68.34% of the company’s shares held by these institutions. In recent institutional activity, Legend Financial Advisors increased his position by 6,772.7% in the fourth quarter, resulting in 756 shares worth $25,000. Ten Capital Wealth Advisors has increased his position by 1,491.8% in the third quarter and now owns 1,162 of his shares worth $35,000. Mendota Financial Group’s fourth quarter new positions worth $36,000. New positions in McElhennie Sheffield Capital Management during the fourth quarter are also worth $38,000. And Marshall & Sullivan’s fourth quarter new position is worth $38,000.

On Friday, the record date (May 28, 2023), BAC shares traded at $28.33 per share with a trading volume of 39,391,822 shares and an average volume of 53,866,109 shares. BAC has a market capitalization of $225.77 billion with a PE ratio of 8.47, a PEG ratio of 1.17 and a beta of 1.36.

BAC primarily provides consumer and small business credit offerings and investment products through various divisions such as Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking and Global Markets. engages in the provision of banking services for

Adding to investor appeal is BAC’s recently announced quarterly dividend, which will be $0.22 per share held, or an annualized dividend yield of about 3.11, for shareholders registered by June 2. % dividend will be paid.

A recent report, with mixed valuations, still suggests positive progress for Bank of America, with an average target price of $36.77 and a consensus rating of Hold. Other research firms have reported that Goldman Sachs Group and others have lowered their price target on BAC from $39.00 to $35.00 and given it a ‘buy’ rating, while Citigroup has set a ‘neutral’ rating and targets It cuts the stock price from $38.00 to $33.00.

With all of this institutional activity stacking up in BAC’s favor, along with mixed but largely positive research reports, Bank of America’s stock price looks poised for favorable growth in the near term. looks like

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