Beverly Hills Private Wealth LLC Cuts Position in Bank of America Corporation $BAC

Beverly Hills Private Wealth LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 5.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,623 shares of the financial services provider’s stock after selling 1,676 shares during the quarter. Beverly Hills Private Wealth LLC’s holdings in Bank of America were worth $1,307,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BAC. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Bank of America by 8.2% in the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after purchasing an additional 8,435 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Bank of America by 64.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 2,179 shares during the last quarter. Advisor Resource Council bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $856,000. Finally, Cullinan Associates Inc. lifted its stake in shares of Bank of America by 6.1% in the 1st quarter. Cullinan Associates Inc. now owns 67,325 shares of the financial services provider’s stock valued at $2,809,000 after purchasing an additional 3,900 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.7%

Shares of NYSE BAC opened at $51.28 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business has a fifty day simple moving average of $50.11 and a two-hundred day simple moving average of $45.88. The firm has a market cap of $379.83 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a twelve month low of $33.06 and a twelve 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 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts expect 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 30.52%.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BAC shares. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Morgan Stanley raised their price objective on Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Citigroup boosted their price objective on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday. Finally, Wolfe Research upped their price objective on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.29.

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 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.