McAdam LLC Trims Stock Position in Bank of America Corporation $BAC

McAdam LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 18.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 11,573 shares of the financial services provider’s stock after selling 2,539 shares during the period. McAdam LLC’s holdings in Bank of America were worth $483,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Acadian Asset Management LLC grew its stake in Bank of America by 108.8% during the first quarter. Acadian Asset Management LLC now owns 3,240,132 shares of the financial services provider’s stock valued at $135,196,000 after acquiring an additional 1,688,523 shares in the last quarter. Fortis Capital Advisors LLC purchased a new position in Bank of America in the 1st quarter worth approximately $384,000. Belpointe Asset Management LLC grew its stake in Bank of America by 6.3% in the 1st quarter. Belpointe Asset Management LLC now owns 50,293 shares of the financial services provider’s stock worth $2,099,000 after buying an additional 2,969 shares in the last quarter. Intech Investment Management LLC grew its stake in Bank of America by 22.7% in the 1st quarter. Intech Investment Management LLC now owns 243,516 shares of the financial services provider’s stock worth $10,162,000 after buying an additional 45,004 shares in the last quarter. Finally, Flaharty Asset Management LLC grew its stake in Bank of America by 15.3% in the 1st quarter. Flaharty Asset Management LLC now owns 10,276 shares of the financial services provider’s stock worth $429,000 after buying an additional 1,363 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.2%

Shares of BAC opened at $50.17 on Thursday. The stock has a market capitalization of $371.57 billion, a P/E ratio of 14.67, a PEG ratio of 1.95 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a fifty day simple moving average of $48.06 and a two-hundred day simple moving average of $44.19. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $50.92.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.83 EPS. On average, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Citigroup boosted their price objective on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Finally, Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.39.

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