Lincluden Management Ltd. Has $6.59 Million Stake in Bank of America Corporation $BAC

Lincluden Management Ltd. trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 5.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 139,297 shares of the financial services provider’s stock after selling 7,397 shares during the period. Bank of America makes up approximately 0.7% of Lincluden Management Ltd.’s investment portfolio, making the stock its 29th largest position. Lincluden Management Ltd.’s holdings in Bank of America were worth $6,592,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Wealth Advisory Solutions LLC grew its stake in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after buying an additional 214 shares in the last quarter. Cyndeo Wealth Partners LLC grew its stake in Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after buying an additional 221 shares in the last quarter. Centurion Wealth Management LLC grew its stake in Bank of America by 2.3% during 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 in the last quarter. Nova Wealth Management Inc. grew its stake in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares in the last quarter. Finally, Cape Investment Advisory Inc. boosted its stake in shares of Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 238 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 2.4%

Shares of NYSE BAC opened at $48.62 on Friday. The company has a 50 day simple moving average of $49.61 and a 200 day simple moving average of $45.52. The firm has a market cap of $360.12 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. 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 data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.83 EPS. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has initiated a stock repurchase 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Oppenheimer reduced their price target on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. UBS Group raised their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Wolfe Research raised their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.64.

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.