Roffman Miller Associates Inc. PA Sells 94,833 Shares of Bank of America Corporation $BAC

Roffman Miller Associates Inc. PA reduced its position in Bank of America Corporation (NYSE:BAC) by 14.8% in the second quarter, Holdings Channel.com reports. The fund owned 546,516 shares of the financial services provider’s stock after selling 94,833 shares during the period. Bank of America makes up about 1.5% of Roffman Miller Associates Inc. PA’s investment portfolio, making the stock its 25th largest position. Roffman Miller Associates Inc. PA’s holdings in Bank of America were worth $25,861,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BAC. Brighton Jones LLC lifted its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Impax Asset Management Group plc grew its stake in shares of Bank of America by 3.6% in the first quarter. Impax Asset Management Group plc now owns 18,924 shares of the financial services provider’s stock worth $790,000 after acquiring an additional 651 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Bank of America during the first quarter valued at approximately $40,000. Heritage Wealth Management Inc. lifted its position in Bank of America by 1.8% during the first quarter. Heritage Wealth Management Inc. now owns 20,929 shares of the financial services provider’s stock valued at $873,000 after purchasing an additional 372 shares during the period. Finally, Capital Advisors Inc. OK boosted its holdings in Bank of America by 3.4% in the first quarter. Capital Advisors Inc. OK now owns 44,685 shares of the financial services provider’s stock worth $1,865,000 after purchasing an additional 1,459 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Wolfe Research lifted their price objective on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Ameriprise Financial raised Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Seaport Global Securities raised their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, Barclays boosted their price target on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Twenty-three equities research 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, Bank of America has an average rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Stock Performance

NYSE:BAC opened at $53.56 on Tuesday. 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 stock has a 50-day simple moving average of $51.11 and a two-hundred day simple moving average of $47.20. The firm has a market capitalization of $396.73 billion, a PE ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.64.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a share buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. 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 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.