Pinnacle Associates Ltd. Sells 18,248 Shares of Bank of America Corporation $BAC

Pinnacle Associates Ltd. lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 921,816 shares of the financial services provider’s stock after selling 18,248 shares during the period. Pinnacle Associates Ltd.’s holdings in Bank of America were worth $43,620,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. Nova Wealth Management Inc. lifted its stake in 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 valued at $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC increased its position in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC increased its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $33,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Robert W. Baird upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday. Seaport Global Securities upped their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Finally, Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.45.

Bank of America Trading Up 0.8%

Bank of America stock opened at $52.98 on Friday. The firm has a 50 day moving average of $50.95 and a 200 day moving average of $46.84. The firm has a market capitalization of $392.40 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.44. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the company earned $0.81 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

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

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.