Schulhoff & Co. Inc. Lowers Stake in Bank of America Corporation $BAC

Schulhoff & Co. Inc. cut its position in shares of Bank of America Corporation (NYSE:BAC) by 4.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,900 shares of the financial services provider’s stock after selling 1,672 shares during the quarter. Schulhoff & Co. Inc.’s holdings in Bank of America were worth $1,699,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Nova Wealth Management Inc. grew its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC purchased a new stake in Bank of America in the second quarter valued at approximately $28,000. CGC Financial Services LLC grew its holdings in 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 valued at $29,000 after purchasing an additional 521 shares during the period. Acima Private Wealth LLC purchased a new stake in Bank of America in the second quarter valued at approximately $33,000. Finally, Cloud Capital Management LLC purchased a new stake in Bank of America in the first quarter valued at approximately $40,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Morgan Stanley boosted their target price on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Wolfe Research boosted their price objective on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Finally, Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $57.23.

Bank of America Trading Down 1.0%

NYSE BAC opened at $51.52 on Wednesday. The company’s fifty day simple moving average is $50.31 and its 200-day simple moving average is $46.04. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $381.58 billion, a P/E ratio of 14.04, a PEG ratio of 1.98 and a beta of 1.33.

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

Bank of America announced that its board has initiated a stock repurchase plan 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 plans are usually a sign that the company’s board of directors 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Bank of America 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.