Monterey Private Wealth Inc. Has $1.32 Million Stake in Bank of America Corporation $BAC

Monterey Private Wealth Inc. lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 6.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 31,580 shares of the financial services provider’s stock after selling 2,188 shares during the quarter. Monterey Private Wealth Inc.’s holdings in Bank of America were worth $1,318,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Nicholas Hoffman & Company LLC. increased its stake in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Gradient Investments LLC boosted its holdings in Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after buying an additional 50,296 shares during the period. Prosperity Wealth Management Inc. bought a new position in Bank of America in the 1st quarter worth approximately $998,000. Alpha Cubed Investments LLC boosted its holdings in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after buying an additional 17,619 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in Bank of America by 170.5% in the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after purchasing an additional 150,299 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on BAC shares. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. The Goldman Sachs Group increased their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Citigroup increased their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Finally, Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $50.13.

Bank of America Trading Up 0.3%

NYSE:BAC opened at $50.43 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52 week low of $33.06 and a 52 week 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 fifty day moving average of $47.39 and a 200 day moving average of $43.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate 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 business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the business earned $0.83 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 30.41%.

Bank of America declared that its Board of Directors has initiated a stock repurchase program 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 repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction 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 sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

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.