Bank of America Corporation $BAC Shares Sold by Exchange Capital Management Inc.

Exchange Capital Management Inc. lowered its stake in Bank of America Corporation (NYSE:BAC) by 6.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 48,105 shares of the financial services provider’s stock after selling 3,424 shares during the period. Exchange Capital Management Inc.’s holdings in Bank of America were worth $2,276,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BAC. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Bank of America during the 1st quarter worth approximately $40,000. HighMark Wealth Management LLC lifted its holdings in shares of 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 during the last quarter. Cranbrook Wealth Management LLC boosted its position in Bank of America by 41.2% during the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 306 shares during the period. Finally, Perkins Coie Trust Co grew its stake in Bank of America by 67.8% during the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after buying an additional 423 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction 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 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 through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.5%

BAC stock opened at $50.44 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The stock has a market capitalization of $373.57 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 1.97 and a beta of 1.33. The company has a 50-day moving average of $49.33 and a two-hundred day moving average of $45.19. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Royal Bank Of Canada upped 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. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.88.

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.