Sigma Planning Corp Trims Stock Position in Bank of America Corporation $BAC

Sigma Planning Corp decreased its position in Bank of America Corporation (NYSE:BAC) by 3.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 98,256 shares of the financial services provider’s stock after selling 3,674 shares during the period. Sigma Planning Corp’s holdings in Bank of America were worth $4,649,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. iA Global Asset Management Inc. grew its position in shares of Bank of America by 9.7% in 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 purchasing an additional 51,740 shares during the period. Tredje AP fonden grew its position in shares of Bank of America by 0.6% in the second quarter. Tredje AP fonden now owns 1,585,812 shares of the financial services provider’s stock valued at $75,041,000 after purchasing an additional 9,807 shares during the period. Gilbert & Cook Inc. grew its position in shares of Bank of America by 5.9% in the second quarter. Gilbert & Cook Inc. now owns 16,790 shares of the financial services provider’s stock valued at $795,000 after purchasing an additional 932 shares during the period. TIAA Trust National Association grew its position in shares of Bank of America by 13.0% in the second quarter. TIAA Trust National Association now owns 797,974 shares of the financial services provider’s stock valued at $37,760,000 after purchasing an additional 91,947 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its position in shares of Bank of America by 7.3% in the second quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 13,786 shares of the financial services provider’s stock valued at $652,000 after purchasing an additional 936 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $53.56 on Tuesday. The company’s 50 day simple moving average is $51.11 and its 200-day simple moving average is $47.20. The company has a market capitalization of $396.73 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 Corporation has a 1 year low of $33.06 and a 1 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.

Bank of America (NYSE:BAC) last released 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 net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date of this dividend 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 is currently 30.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Truist Financial lifted their target price on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Piper Sandler boosted their price target on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. The Goldman Sachs Group lowered their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, Daiwa Capital Markets boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus 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.