Oarsman Capital Inc. Reduces Position in Bank of America Corporation $BAC

Oarsman Capital Inc. lowered its holdings in Bank of America Corporation (NYSE:BAC) by 17.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,543 shares of the financial services provider’s stock after selling 7,795 shares during the period. Oarsman Capital Inc.’s holdings in Bank of America were worth $1,729,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. lifted its stake 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 in the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new stake in Bank of America during the second quarter valued at approximately $33,000. Finally, Cloud Capital Management LLC acquired a new stake in Bank of America during the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Price Performance

BAC opened at $52.85 on Wednesday. The stock has a fifty day moving average of $50.77 and a 200-day moving average of $46.68. The firm has a market capitalization of $391.42 billion, a P/E ratio of 14.40, a PEG ratio of 2.01 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.28. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Piper Sandler upped their target price on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Phillip Securities increased their price objective on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Citigroup upped their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Argus increased their price objective on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Finally, Royal Bank Of Canada increased their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.27.

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.