Mayflower Financial Advisors LLC Trims Stock Position in Bank of America Corporation $BAC

Mayflower Financial Advisors LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,953 shares of the financial services provider’s stock after selling 2,306 shares during the quarter. Mayflower Financial Advisors LLC’s holdings in Bank of America were worth $2,553,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nova Wealth Management Inc. lifted its position in shares of 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 worth $25,000 after buying an additional 227 shares during the last quarter. Quaker Wealth Management LLC increased its holdings in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the period. RMG Wealth Management LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC increased its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the period. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $33,000. Hedge funds and other 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 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 sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.85 on Wednesday. The firm has a market capitalization of $391.42 billion, a P/E ratio of 14.40, a PEG ratio of 2.01 and a beta of 1.33. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.28. The company’s fifty day moving average is $50.77 and its two-hundred day moving average is $46.68. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 EPS. Analysts forecast 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 program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent research reports. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. The Goldman Sachs Group cut their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley lifted their target price on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Finally, UBS Group lifted their target price on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Twenty-three 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.27.

Bank of America Company 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.