RKL Wealth Management LLC Sells 218 Shares of Bank of America Corporation $BAC

RKL Wealth Management LLC decreased its position in Bank of America Corporation (NYSE:BAC) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,971 shares of the financial services provider’s stock after selling 218 shares during the quarter. RKL Wealth Management LLC’s holdings in Bank of America were worth $330,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Deutsche Bank AG raised its position in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Unisphere Establishment raised its position in shares of Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $164,623,000. Maverick Capital Ltd. acquired a new stake in shares of Bank of America in the 1st quarter valued at approximately $152,098,000. Finally, Azora Capital LP increased its stake in Bank of America by 958.9% during the 1st quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock worth $139,560,000 after purchasing an additional 3,028,530 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred 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 owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Evercore ISI raised their price target on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. The Goldman Sachs Group set a $55.00 price target on shares of Bank of America in a research note on Tuesday. Truist Financial raised their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Finally, Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $52.78.

Bank of America Stock Performance

Bank of America stock opened at $50.67 on Thursday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. 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 business’s 50-day moving average price is $49.29 and its two-hundred day moving average price is $45.13. The stock has a market cap of $375.29 billion, a PE ratio of 14.81, a P/E/G ratio of 2.00 and a beta of 1.33.

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

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

Bank of America 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.