Envestnet Portfolio Solutions Inc. Sells 12,506 Shares of Bank of America Corporation $BAC

Envestnet Portfolio Solutions Inc. decreased its position in Bank of America Corporation (NYSE:BAC) by 2.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 462,181 shares of the financial services provider’s stock after selling 12,506 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Bank of America were worth $21,870,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Deutsche Bank AG increased its position in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment increased its position in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in Bank of America in the second quarter worth about $164,623,000. Maverick Capital Ltd. purchased a new stake in Bank of America in the first quarter worth about $152,098,000. Finally, AMF Tjanstepension AB increased its position in Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after buying an additional 3,438,876 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on BAC shares. Evercore ISI upped their price target on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Daiwa Capital Markets upped their price target on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Morgan Stanley upped their price target on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Finally, Seaport Global Securities increased their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.64.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Performance

NYSE BAC opened at $48.62 on Monday. The stock has a market capitalization of $360.12 billion, a PE ratio of 14.22, a P/E/G ratio of 1.89 and a beta of 1.33. The business has a 50 day simple moving average of $49.61 and a two-hundred day simple moving average of $45.54. 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 Corporation has a 1-year low of $33.06 and a 1-year high of $52.88.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. On average, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared 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 was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America declared that its board has authorized a stock 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 buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.