Yousif Capital Management LLC Decreases Holdings in Bank of America Corporation $BAC

Yousif Capital Management LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 919,062 shares of the financial services provider’s stock after selling 16,381 shares during the period. Bank of America accounts for about 0.5% of Yousif Capital Management LLC’s holdings, making the stock its 26th biggest holding. Yousif Capital Management LLC’s holdings in Bank of America were worth $43,490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Brighton Jones LLC boosted its position in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. GAMMA Investing LLC boosted its position in Bank of America by 8.2% in the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after buying an additional 8,435 shares during the last quarter. Elevation Point Wealth Partners LLC boosted its position in Bank of America by 35.2% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock valued at $216,000 after buying an additional 1,348 shares during the last quarter. CVA Family Office LLC boosted its position in Bank of America by 21.1% in the 1st quarter. CVA Family Office LLC now owns 8,932 shares of the financial services provider’s stock valued at $373,000 after buying an additional 1,557 shares during the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC boosted its position in Bank of America by 17.3% in the 1st quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 37,567 shares of the financial services provider’s stock valued at $1,568,000 after buying an additional 5,528 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $48.62 on Monday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company’s 50-day simple moving average is $49.61 and its 200-day simple moving average is $45.54. The stock has a market capitalization of $360.12 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.89 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter last year, the company posted $0.83 earnings per share. Bank of America’s revenue was up 4.3% on a year-over-year basis. Equities analysts anticipate 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 initiated a share buyback program 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership 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. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated 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 $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. TD Cowen upped their price objective on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.64.

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.