Bank of America Corporation $BAC Shares Sold by Sendero Wealth Management LLC

Sendero Wealth Management LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 11.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 8,076 shares of the financial services provider’s stock after selling 1,036 shares during the period. Sendero Wealth Management LLC’s holdings in Bank of America were worth $382,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of BAC. Nova Wealth Management Inc. increased its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $40,000. HighMark Wealth Management LLC grew its stake in shares of Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares during the period. Highline Wealth Partners LLC increased its holdings in shares of Bank of America by 37.1% during the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after buying an additional 313 shares during the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of Bank of America during the 1st quarter valued at approximately $50,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.3%

Shares of NYSE:BAC opened at $50.63 on Monday. The firm has a 50 day simple moving average of $49.37 and a 200-day simple moving average of $45.30. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $374.98 billion, a PE ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) 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 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 revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS 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. Stockholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on BAC shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Oppenheimer lowered their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, September 23rd. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Wells Fargo & Company upped their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Finally, TD Cowen lifted their target price on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday. Nineteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’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 value of $6,762,177.87. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.