Kovack Advisors Inc. Sells 3,969 Shares of Bank of America Corporation $BAC

Kovack Advisors Inc. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 13.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,511 shares of the financial services provider’s stock after selling 3,969 shares during the period. Kovack Advisors Inc.’s holdings in Bank of America were worth $1,255,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quaker Wealth Management LLC lifted its stake 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 worth $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. lifted its stake 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 acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC lifted its stake 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 worth $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $33,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Oppenheimer raised their price target on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Piper Sandler raised their price objective on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. TD Cowen raised their price objective on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. UBS Group raised their price objective on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Finally, Seaport Global Securities raised their price objective on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $57.59.

Bank of America Trading Up 1.0%

Shares of NYSE:BAC opened at $53.55 on Friday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.64. The business’s fifty day simple moving average is $51.03 and its 200-day simple moving average is $46.96. The company has a market capitalization of $396.63 billion, a PE ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. 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 announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (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 business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 EPS. The business’s revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts predict 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 repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

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

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.