Cambridge Financial Group Inc. Cuts Stake in Bank of America Corporation $BAC

Cambridge Financial Group Inc. trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 23.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,701 shares of the financial services provider’s stock after selling 45,150 shares during the quarter. Bank of America comprises 3.5% of Cambridge Financial Group Inc.’s portfolio, making the stock its 7th largest holding. Cambridge Financial Group Inc.’s holdings in Bank of America were worth $7,037,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Wealth Advisory Solutions LLC raised its stake in shares of Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares in the last quarter. Ballast Advisors LLC increased its stake in Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after buying an additional 218 shares during the period. Cyndeo Wealth Partners LLC raised its position in shares of Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after buying an additional 221 shares in the last quarter. Centurion Wealth Management LLC lifted its stake in shares of Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares during the period. Finally, Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. TD Cowen boosted their target price on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday. Seaport Global Securities lifted their price target on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Wolfe Research boosted their price objective on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. The Goldman Sachs Group decreased their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Finally, Ameriprise Financial raised Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Performance

Bank of America stock opened at $53.22 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $388.62 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.99. The firm’s 50 day simple moving average is $51.33 and its 200-day simple moving average is $47.63.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping 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 firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the business posted $0.81 EPS. The company’s revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date 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 payout ratio is currently 30.52%.

Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.