Focus Partners Advisor Solutions LLC Reduces Stock Position in Bank of America Corporation $BAC

Focus Partners Advisor Solutions LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 14.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 117,589 shares of the financial services provider’s stock after selling 19,257 shares during the period. Focus Partners Advisor Solutions LLC’s holdings in Bank of America were worth $5,565,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Boston Common Asset Management LLC raised its holdings in Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new position in shares of Bank of America in the 2nd quarter worth about $217,000. Nicholas Hoffman & Company LLC. increased its stake in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC increased its stake in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC bought a new stake in shares of Bank of America in the second quarter worth approximately $287,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In other 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. Morgan Stanley raised their price objective on shares of Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Piper Sandler boosted their price target on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Finally, Daiwa Capital Markets boosted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.23.

Bank of America Stock Up 1.3%

Shares of BAC opened at $52.44 on Friday. The firm has a market capitalization of $388.38 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a fifty day moving average price of $50.58 and a 200-day moving average price of $46.31.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. Equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Announces Dividend

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

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.