Carson Advisory Inc. Decreases Stock Holdings in Bank of America Corporation $BAC

Carson Advisory Inc. lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,453 shares of the financial services provider’s stock after selling 1,193 shares during the period. Bank of America comprises 1.8% of Carson Advisory Inc.’s portfolio, making the stock its 15th largest holding. Carson Advisory Inc.’s holdings in Bank of America were worth $2,766,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC lifted its holdings in shares of Bank of America by 246.5% in the second 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 in the last quarter. Nova Wealth Management Inc. lifted its holdings 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 in the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC lifted its holdings in shares of Bank of America by 585.4% in the second 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 in the last quarter. Finally, Acima Private Wealth LLC purchased a new stake in shares of Bank of America in the second quarter valued at about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $53.55 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.64. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50 day moving average price of $51.03 and a 200 day moving average price of $47.02. The firm has a market capitalization of $396.63 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly 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. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have issued reports on BAC. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Phillip Securities upped their price target on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Seaport Global Securities upped their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $57.59.

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.