Alpha Financial Partners LLC Sells 447 Shares of Bank of America Corporation $BAC

Alpha Financial Partners LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 4.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,717 shares of the financial services provider’s stock after selling 447 shares during the quarter. Alpha Financial Partners LLC’s holdings in Bank of America were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. raised its holdings in 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 purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new position in Bank of America in the 2nd quarter worth $28,000. Acima Private Wealth LLC bought a new position in Bank of America in the 2nd quarter worth $33,000. Cloud Capital Management LLC bought a new position in Bank of America in the 1st quarter worth $40,000. Finally, HighMark Wealth Management LLC raised its holdings in Bank of America by 233.6% in 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. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $48.62 on Friday. 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 moving average is $49.61 and its 200 day moving average is $45.52. The company has a market capitalization of $360.12 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. 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 (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate 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 company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the firm posted $0.83 EPS. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s payout ratio is currently 32.75%.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on BAC. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a report on Friday. TD Cowen upped their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Citigroup upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Saturday. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

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.