HMS Capital Management LLC Has $2.10 Million Holdings in Bank of America Corporation $BAC

HMS Capital Management LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 6.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,324 shares of the financial services provider’s stock after selling 2,949 shares during the period. Bank of America makes up approximately 0.9% of HMS Capital Management LLC’s holdings, making the stock its 27th biggest position. HMS Capital Management LLC’s holdings in Bank of America were worth $2,097,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Centurion Wealth Management LLC lifted its position in shares of Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after buying an additional 225 shares during the last quarter. Nova Wealth Management Inc. lifted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Continuum Advisory LLC lifted its position in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the last quarter. Cape Investment Advisory Inc. lifted its position in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 238 shares during the last quarter. Finally, Menard Financial Group LLC lifted its position in shares of Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’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 value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. HSBC cut Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Oppenheimer upped their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Finally, Morgan Stanley upped their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.39.

Bank of America Trading Down 0.3%

Bank of America stock opened at $50.60 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $50.96. The stock has a market cap of $374.79 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.97 and a beta of 1.34. The business has a 50 day moving average price of $48.13 and a two-hundred day moving average price of $44.28. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the company posted $0.83 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

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.