Latash Investments LLC Sells 54,500 Shares of Bank of America Corporation $BAC

Latash Investments LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 91.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,394 shares of the financial services provider’s stock after selling 54,500 shares during the quarter. Bank of America makes up 0.2% of Latash Investments LLC’s investment portfolio, making the stock its 16th largest position. Latash Investments LLC’s holdings in Bank of America were worth $255,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nova Wealth Management Inc. increased its holdings in Bank of America by 75.2% during 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. Quaker Wealth Management LLC grew its position in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC increased its holdings in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new stake in shares of Bank of America in the second quarter worth $33,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.2%

NYSE BAC opened at $53.12 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The stock has a market capitalization of $387.91 billion, a PE ratio of 14.47 and a beta of 1.30. The business’s 50-day moving average is $51.95 and its 200 day moving average is $48.95.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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 return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the firm posted $0.81 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders 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 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is currently 30.52%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. UBS Group boosted their target price on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, The Goldman Sachs Group lowered their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Twenty-three 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 has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

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.