Ingalls & Snyder LLC Sells 9,470 Shares of Bank of America Corporation $BAC

Ingalls & Snyder LLC lessened its position in Bank of America Corporation (NYSE:BAC) by 4.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 193,776 shares of the financial services provider’s stock after selling 9,470 shares during the period. Ingalls & Snyder LLC’s holdings in Bank of America were worth $9,169,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BAC. Brighton Jones LLC raised its holdings in shares of Bank of America by 30.0% during the fourth 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 increased its holdings in Bank of America by 8.2% during the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after buying an additional 8,435 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Bank of America by 15.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,007,867 shares of the financial services provider’s stock valued at $39,119,000 after buying an additional 133,813 shares during the last quarter. 3Chopt Investment Partners LLC increased its holdings in Bank of America by 11.1% during the first quarter. 3Chopt Investment Partners LLC now owns 50,394 shares of the financial services provider’s stock valued at $2,103,000 after buying an additional 5,040 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Bank of America by 21.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,495,379 shares of the financial services provider’s stock valued at $103,533,000 after buying an additional 442,280 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.30% of the stock is owned by insiders.

Bank of America Stock Performance

BAC opened at $52.44 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a fifty day moving average price of $50.58 and a 200 day moving average price of $46.39. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The stock has a market cap of $388.38 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company 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 firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 EPS. Equities research analysts anticipate 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 permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

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

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Argus upped their target price on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Oppenheimer increased their price objective on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research note on Wednesday. Finally, HSBC increased their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.23.

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.