Ameriflex Group Inc. Reduces Stock Holdings in Bank of America Corporation $BAC

Ameriflex Group Inc. lowered its holdings in shares of Bank of America Corporation (NYSE:BAC) by 11.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,462 shares of the financial services provider’s stock after selling 1,145 shares during the quarter. Ameriflex Group Inc.’s holdings in Bank of America were worth $402,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of BAC. Brighton Jones LLC boosted its holdings 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 valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Fermata Advisors LLC boosted its holdings in Bank of America by 115.6% during the 1st quarter. Fermata Advisors LLC now owns 14,083 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 7,550 shares during the period. AMI Investment Management Inc. boosted its holdings in Bank of America by 1.2% during the 1st quarter. AMI Investment Management Inc. now owns 83,492 shares of the financial services provider’s stock valued at $3,484,000 after acquiring an additional 1,011 shares during the period. Foster Group Inc. boosted its holdings in Bank of America by 15.5% during the 1st quarter. Foster Group Inc. now owns 11,647 shares of the financial services provider’s stock valued at $486,000 after acquiring an additional 1,565 shares during the period. Finally, Ullmann Wealth Partners Group LLC boosted its holdings in Bank of America by 1.6% during the 1st quarter. Ullmann Wealth Partners Group LLC now owns 52,985 shares of the financial services provider’s stock valued at $2,211,000 after acquiring an additional 842 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. Evercore ISI boosted their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. TD Cowen lifted their target price on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday. Finally, HSBC lifted their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday. Nineteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.38.

Bank of America Trading Up 0.3%

BAC opened at $50.63 on Friday. The firm has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The stock has a fifty day moving average price of $49.37 and a 200-day moving average price of $45.26.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.

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

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.