Western Pacific Wealth Management LP Trims Stock Holdings in Bank of America Corporation $BAC

Western Pacific Wealth Management LP reduced its stake in Bank of America Corporation (NYSE:BAC) by 77.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,003 shares of the financial services provider’s stock after selling 3,519 shares during the quarter. Western Pacific Wealth Management LP’s holdings in Bank of America were worth $47,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in shares of Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after acquiring an additional 803,570 shares in the last quarter. Deutsche Bank AG lifted its position in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after buying an additional 14,960,086 shares during the period. Amundi lifted its position in Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after buying an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP lifted its position in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares during the period. Finally, National Pension Service lifted its position in Bank of America by 2.4% during the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after buying an additional 300,944 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $52.17 on Friday. The firm has a market capitalization of $386.42 billion, a PE ratio of 15.25, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business has a 50-day moving average of $48.44 and a two-hundred day moving average of $44.45. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.19.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts forecast 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 authorized a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America’s payout ratio is 32.75%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. HSBC downgraded Bank of America from a “buy” rating to a “hold” rating and increased their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Truist Financial upped their price target on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company upped their price target on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.61.

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.