Bank of America Corporation $BAC Stake Cut by Appleton Partners Inc. MA

Appleton Partners Inc. MA reduced its holdings in Bank of America Corporation (NYSE:BAC) by 7.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,229 shares of the financial services provider’s stock after selling 3,155 shares during the period. Appleton Partners Inc. MA’s holdings in Bank of America were worth $1,951,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Impact Capital Partners LLC raised its stake in shares of Bank of America by 5.1% during the 1st quarter. Impact Capital Partners LLC now owns 9,606 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 465 shares in the last quarter. Sivia Capital Partners LLC raised its stake in shares of Bank of America by 8.8% during the 1st quarter. Sivia Capital Partners LLC now owns 15,227 shares of the financial services provider’s stock worth $635,000 after purchasing an additional 1,230 shares in the last quarter. Perennial Advisors LLC purchased a new stake in shares of Bank of America during the 1st quarter worth about $360,000. Finally, Charter Oak Capital Management LLC raised its stake in shares of Bank of America by 6.5% during the 1st quarter. Charter Oak Capital Management LLC now owns 6,379 shares of the financial services provider’s stock worth $266,000 after purchasing an additional 390 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.63 on Monday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The firm has a market capitalization of $374.98 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The business’s 50 day moving average is $49.37 and its 200-day moving average is $45.30. 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 data 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the firm earned $0.83 EPS. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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 represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Bank of America declared that its board has approved 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. HSBC increased their price objective on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday. Evercore ISI increased their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday. Finally, Royal Bank Of Canada increased their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Nineteen 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, the stock 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 other news, insider James P. Demare sold 148,391 shares of Bank of America 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 sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade 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. Insiders own 0.30% of the company’s stock.

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.