Greenwood Capital Associates LLC Has $5.71 Million Holdings in Bank of America Corporation $BAC

Greenwood Capital Associates LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,710 shares of the financial services provider’s stock after selling 5,290 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Bank of America were worth $5,712,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in Bank of America during the 1st quarter valued at $40,000. Perkins Coie Trust Co lifted its holdings in Bank of America by 67.8% during the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 423 shares during the last quarter. Cranbrook Wealth Management LLC lifted its holdings in Bank of America by 41.2% during the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 306 shares during the last quarter. Finally, HighMark Wealth Management LLC lifted its holdings in Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. HSBC raised their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. The Goldman Sachs Group set a $55.00 price objective on Bank of America in a research report on Tuesday. Citigroup increased their price objective on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Finally, Royal Bank Of Canada increased their price objective on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.88.

Bank of America Trading Down 0.5%

Shares of Bank of America stock opened at $50.44 on Friday. The stock has a fifty day simple moving average of $49.33 and a 200 day simple moving average of $45.19. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a market capitalization of $373.57 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.97 and a beta of 1.33. 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 (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. Bank of America’s revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Bank of America

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 stock was 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 owned 223,407 shares in the company, valued at $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 is available through the SEC website. 0.30% of the stock is owned by company insiders.

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.