Means Investment CO. Inc. Sells 2,830 Shares of Bank of America Corporation $BAC

Means Investment CO. Inc. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 122,908 shares of the financial services provider’s stock after selling 2,830 shares during the quarter. Means Investment CO. Inc.’s holdings in Bank of America were worth $5,816,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment grew its stake in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after buying an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America in the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. bought a new position in shares of Bank of America in the 1st quarter valued at about $152,098,000. Finally, AMF Tjanstepension AB grew its position in shares of Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on BAC. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. UBS Group lifted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Daiwa Capital Markets boosted their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $54.64.

Bank of America Stock Performance

Shares of NYSE BAC opened at $48.62 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock’s fifty day moving average price is $49.61 and its two-hundred day moving average price is $45.52. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The firm has a market cap of $360.12 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.89 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the business posted $0.83 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

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 paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is 32.75%.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other 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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by company insiders.

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.