Brandywine Oak Private Wealth LLC Reduces Holdings in Bank of America Corporation $BAC

Brandywine Oak Private Wealth LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 10.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,408 shares of the financial services provider’s stock after selling 1,304 shares during the period. Brandywine Oak Private Wealth LLC’s holdings in Bank of America were worth $540,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BAC. Nova Wealth Management Inc. increased its stake in shares of 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 purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $28,000. Cloud Capital Management LLC purchased a new position in shares of Bank of America during the 1st quarter worth approximately $40,000. HighMark Wealth Management LLC increased its stake in shares of Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 743 shares in the last quarter. Finally, Highline Wealth Partners LLC boosted its position in Bank of America by 37.1% during the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 313 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.3%

Shares of BAC opened at $49.71 on Friday. The firm has a market cap of $368.20 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The company’s fifty day moving average is $49.55 and its two-hundred day moving average is $45.46. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.83 EPS. Analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Oppenheimer decreased their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 23rd. Royal Bank Of Canada raised their target price on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Seaport Global Securities raised their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company raised their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Finally, Evercore ISI raised their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $54.11.

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.