CGN Advisors LLC Sells 1,752 Shares of Bank of America Corporation $BAC

CGN Advisors LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 18.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,865 shares of the financial services provider’s stock after selling 1,752 shares during the quarter. CGN Advisors LLC’s holdings in Bank of America were worth $372,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the second 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 in the last quarter. Wood Tarver Financial Group LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $38,000. Mascagni Wealth Management Inc. purchased a new position in Bank of America during the fourth quarter valued at approximately $40,000. Cloud Capital Management LLC purchased a new position in Bank of America during the first quarter valued at approximately $40,000. Finally, HighMark Wealth Management LLC lifted its holdings in Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.5%

Shares of BAC opened at $51.68 on Wednesday. The company’s fifty day moving average is $48.76 and its 200 day moving average is $44.68. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The stock has a market capitalization of $382.78 billion, a PE ratio of 15.11, a P/E/G ratio of 2.01 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the business posted $0.83 earnings per share. Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The shares were 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 in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Wells Fargo & Company boosted their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Robert W. Baird reissued a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Finally, HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and boosted their target price for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.76.

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.