Marks Group Wealth Management Inc Sells 804 Shares of Bank of America Corporation $BAC

Marks Group Wealth Management Inc decreased its position in Bank of America Corporation (NYSE:BAC) by 11.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 6,088 shares of the financial services provider’s stock after selling 804 shares during the period. Marks Group Wealth Management Inc’s holdings in Bank of America were worth $288,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. raised its position in shares of 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 purchasing an additional 227 shares during the period. Cloud Capital Management LLC acquired a new stake in Bank of America during the 1st quarter worth approximately $40,000. HighMark Wealth Management LLC lifted its stake in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares in the last quarter. Highline Wealth Partners LLC boosted its holdings in shares of Bank of America by 37.1% in the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock valued at $48,000 after buying an additional 313 shares during the period. Finally, MorganRosel Wealth Management LLC bought a new stake in shares of Bank of America during the first quarter worth $50,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.6%

Bank of America stock opened at $50.36 on Tuesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm has a market capitalization of $373.01 billion, a PE ratio of 14.73, a P/E/G ratio of 1.96 and a beta of 1.33. The company’s 50-day moving average is $49.42 and its 200-day moving average is $45.35. 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 announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

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

Insider Buying and Selling

In other Bank of America 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 transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Seaport Global Securities boosted their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Royal Bank Of Canada boosted their target price on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Finally, Evercore ISI lifted their price objective on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Nineteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.

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.