Freestone Capital Holdings LLC Sells 11,464 Shares of Bank of America Corporation $BAC

Freestone Capital Holdings LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 4.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 261,585 shares of the financial services provider’s stock after selling 11,464 shares during the quarter. Freestone Capital Holdings LLC’s holdings in Bank of America were worth $12,378,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of BAC. Machina Capital S.A.S. grew its holdings in shares of Bank of America by 98.0% in the second quarter. Machina Capital S.A.S. now owns 48,295 shares of the financial services provider’s stock worth $2,285,000 after purchasing an additional 23,908 shares during the last quarter. Texas Bank & Trust Co increased its holdings in shares of Bank of America by 115.8% in the 2nd quarter. Texas Bank & Trust Co now owns 11,991 shares of the financial services provider’s stock valued at $567,000 after acquiring an additional 6,434 shares during the period. Benchmark Financial Wealth Advisors LLC raised its holdings in Bank of America by 11.2% in the second quarter. Benchmark Financial Wealth Advisors LLC now owns 21,440 shares of the financial services provider’s stock worth $1,015,000 after purchasing an additional 2,164 shares in the last quarter. iA Global Asset Management Inc. lifted its position in Bank of America by 9.7% during the second quarter. iA Global Asset Management Inc. now owns 583,580 shares of the financial services provider’s stock valued at $27,615,000 after acquiring an additional 51,740 shares during the last quarter. Finally, Tredje AP fonden boosted its position in shares of Bank of America by 0.6% in the 2nd quarter. Tredje AP fonden now owns 1,585,812 shares of the financial services provider’s stock worth $75,041,000 after purchasing an additional 9,807 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Royal Bank Of Canada lifted their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Robert W. Baird increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, Wolfe Research increased their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Stock Performance

NYSE:BAC opened at $53.55 on Monday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.64. The company has a market cap 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. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a fifty day simple moving average of $51.03 and a two-hundred day simple moving average of $47.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share 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 company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period last year, the firm earned $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

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