Bank of America Corporation $BAC Shares Sold by Global Assets Advisory LLC

Global Assets Advisory LLC cut its position in Bank of America Corporation (NYSE:BACFree Report) by 35.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,137 shares of the financial services provider’s stock after selling 3,420 shares during the period. Global Assets Advisory LLC’s holdings in Bank of America were worth $295,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Boston Common Asset Management LLC raised its position in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. increased its stake in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the period. Prosperity Wealth Management Inc. purchased a new position in shares of Bank of America during the first quarter worth $998,000. Alpha Cubed Investments LLC lifted its position in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 17,619 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in Bank of America by 170.5% in the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after purchasing an additional 150,299 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider 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 Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BAC shares. Truist Financial lifted their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Citigroup boosted their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. HSBC boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research report on Saturday, September 27th. Nineteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.38.

Check Out Our Latest Research Report on BAC

Bank of America Stock Performance

NYSE BAC opened at $50.36 on Tuesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock’s 50 day simple moving average is $49.42 and its 200-day simple moving average is $45.35. The company has a market cap of $373.01 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data 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. 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 posted $0.83 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

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

About Bank of America

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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