Barry Investment Advisors LLC Sells 3,601 Shares of Bank of America Corporation $BAC

Barry Investment Advisors LLC cut its position in shares of Bank of America Corporation (NYSE:BAC) by 39.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,444 shares of the financial services provider’s stock after selling 3,601 shares during the quarter. Barry Investment Advisors LLC’s holdings in Bank of America were worth $258,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Guardian Investment Management grew its holdings in shares of Bank of America by 1.4% during the second quarter. Guardian Investment Management now owns 72,268 shares of the financial services provider’s stock worth $3,420,000 after buying an additional 1,000 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of Bank of America by 28.2% during the second quarter. Avior Wealth Management LLC now owns 86,447 shares of the financial services provider’s stock worth $4,091,000 after buying an additional 18,993 shares in the last quarter. Charles Schwab Trust Co grew its holdings in shares of Bank of America by 40.0% during the second quarter. Charles Schwab Trust Co now owns 11,587 shares of the financial services provider’s stock worth $548,000 after buying an additional 3,310 shares in the last quarter. Hengehold Capital Management LLC grew its holdings in shares of Bank of America by 7.3% during the second quarter. Hengehold Capital Management LLC now owns 8,558 shares of the financial services provider’s stock worth $405,000 after buying an additional 584 shares in the last quarter. Finally, Blossom Wealth Management boosted its position in Bank of America by 3.8% during the second quarter. Blossom Wealth Management now owns 15,257 shares of the financial services provider’s stock valued at $722,000 after purchasing an additional 565 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $52.21 on Friday. The stock has a market cap of $386.72 billion, a P/E ratio of 15.27, a PEG ratio of 2.02 and a beta of 1.34. The stock has a 50 day simple moving average of $49.07 and a 200 day simple moving average of $44.93. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88.

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

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, September 5th. This is a positive change 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 at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. Morgan Stanley increased their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research report on Monday, June 23rd. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Citigroup raised their price objective on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Oppenheimer cut their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Finally, Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

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.