Jump Financial LLC Sells 14,338 Shares of Bank of America Corporation $BAC

Jump Financial LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 23.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,450 shares of the financial services provider’s stock after selling 14,338 shares during the period. Jump Financial LLC’s holdings in Bank of America were worth $1,980,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BAC. Continuum Advisory LLC raised its holdings in shares of Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after acquiring an additional 237 shares in the last quarter. Menard Financial Group LLC raised its holdings in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after acquiring an additional 240 shares in the last quarter. Maia Wealth LLC raised its holdings in shares of Bank of America by 1.4% in the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider’s stock valued at $723,000 after acquiring an additional 240 shares in the last quarter. Northern Financial Advisors Inc raised its holdings in shares of Bank of America by 1.8% in the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock valued at $600,000 after acquiring an additional 252 shares in the last quarter. Finally, Bank of Jackson Hole Trust raised its holdings in shares of Bank of America by 1.4% in the first quarter. Bank of Jackson Hole Trust now owns 18,053 shares of the financial services provider’s stock valued at $832,000 after acquiring an additional 257 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 sale, the insider 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Trading Up 0.3%

Shares of NYSE:BAC opened at $50.43 on Thursday. The business’s 50-day moving average is $47.39 and its 200 day moving average is $43.91. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.63. The firm has a market capitalization of $373.50 billion, a P/E ratio of 14.74, a P/E/G ratio of 1.95 and a beta of 1.31. 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 (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is presently 30.41%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Truist Financial raised their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. HSBC lowered shares of 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 note on Monday, July 7th. Finally, Cowen assumed coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Seventeen 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 presently has an average rating of “Moderate Buy” and an average price target of $50.13.

About Bank of America

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.