Bank of America Corporation $BAC Shares Sold by Phoenix Financial Ltd.

Phoenix Financial Ltd. cut its position in shares of Bank of America Corporation (NYSE:BAC) by 11.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 288,342 shares of the financial services provider’s stock after selling 37,821 shares during the quarter. Phoenix Financial Ltd.’s holdings in Bank of America were worth $13,747,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Wealth Advisory Solutions LLC increased its position in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the period. Cyndeo Wealth Partners LLC increased its position in shares of Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after purchasing an additional 221 shares during the period. Centurion Wealth Management LLC increased its position in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares during the period. Nova Wealth Management Inc. increased its position 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 valued at $25,000 after purchasing an additional 227 shares during the period. Finally, Cape Investment Advisory Inc. increased its position in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 238 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BAC shares. Daiwa Capital Markets lifted their price target on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. HSBC lifted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Wells Fargo & Company lifted their target price on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Seaport Global Securities lifted their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Wolfe Research lifted their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.29.

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 stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, 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 filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Bank of America Stock Performance

Shares of Bank of America stock opened at $52.02 on Tuesday. The stock has a market cap of $385.32 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The business has a fifty day simple moving average of $50.23 and a 200-day simple moving average of $46.00. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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 given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is 30.52%.

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

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.