Sachetta LLC Has $235,000 Stock Position in Bank of America Corporation $BAC

Sachetta LLC cut its position in Bank of America Corporation (NYSE:BAC) by 8.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,963 shares of the financial services provider’s stock after selling 437 shares during the quarter. Sachetta LLC’s holdings in Bank of America were worth $235,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% in the second 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. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $28,000. Cloud Capital Management LLC bought a new stake in Bank of America during the 1st quarter valued at approximately $40,000. HighMark Wealth Management LLC grew its holdings in 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 last quarter. Finally, Marshall & Sullivan Inc. WA acquired a new stake in Bank of America in the 2nd quarter valued at approximately $54,000. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’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 sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by company insiders.

Bank of America Trading Down 0.6%

Shares of BAC stock opened at $50.36 on Tuesday. The firm has a fifty day moving average of $49.42 and a 200-day moving average of $45.35. The stock has a market cap of $373.01 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its earnings results 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. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis 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 currently 32.75%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Royal Bank Of Canada upped their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, October 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. The Goldman Sachs Group increased their price target on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a report on Friday. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Nineteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

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.