Bank of America Corporation $BAC Shares Sold by Wrapmanager Inc.

Wrapmanager Inc. lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,864 shares of the financial services provider’s stock after selling 1,951 shares during the period. Wrapmanager Inc.’s holdings in Bank of America were worth $1,650,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Nova Wealth Management Inc. increased its position in shares of 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 valued at $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC grew its stake in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC increased its holdings in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new position in shares of Bank of America in the second quarter worth about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $52.92 on Friday. The company has a market capitalization of $386.45 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company’s fifty day moving average price is $51.57 and its 200 day moving average price is $47.90. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase plan 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 repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. TD Cowen upped their target price on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Wells Fargo & Company increased their price objective on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America 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.