TKG Advisors LLC Trims Holdings in Bank of America Corporation $BAC

TKG Advisors LLC decreased its holdings in Bank of America Corporation (NYSE:BAC) by 51.2% in the 2nd quarter, Holdings Channel reports. The firm owned 25,025 shares of the financial services provider’s stock after selling 26,246 shares during the period. TKG Advisors LLC’s holdings in Bank of America were worth $1,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Fourth Dimension Wealth LLC raised its holdings in shares of Bank of America by 35.9% in the second quarter. Fourth Dimension Wealth LLC now owns 4,263 shares of the financial services provider’s stock valued at $202,000 after buying an additional 1,126 shares during the last quarter. Blue Barn Wealth LLC raised its holdings in shares of Bank of America by 5.7% in the second quarter. Blue Barn Wealth LLC now owns 8,053 shares of the financial services provider’s stock valued at $381,000 after buying an additional 437 shares during the last quarter. Ellevest Inc. purchased a new stake in shares of Bank of America in the second quarter valued at about $204,000. Crestwood Advisors Group LLC raised its stake in Bank of America by 0.3% during the 2nd quarter. Crestwood Advisors Group LLC now owns 517,737 shares of the financial services provider’s stock valued at $24,499,000 after acquiring an additional 1,319 shares during the last quarter. Finally, Homestead Advisers Corp raised its stake in Bank of America by 0.3% during the 2nd quarter. Homestead Advisers Corp now owns 1,781,135 shares of the financial services provider’s stock valued at $84,283,000 after acquiring an additional 5,400 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Piper Sandler upped their price objective on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Barclays upped their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. JPMorgan Chase & Co. upped their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. UBS Group upped their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Finally, Evercore ISI upped their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Stock Performance

Shares of BAC opened at $53.56 on Wednesday. The company has a 50-day simple moving average of $51.18 and a 200-day simple moving average of $47.31. 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 market capitalization of $396.68 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 $54.00.

Bank of America (NYSE:BAC) last issued its 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 company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period last year, the company posted $0.81 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. 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 authorized a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership 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. Investors of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 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.