Signature Wealth Management Partners LLC Lowers Stock Holdings in Bank of America Corporation $BAC

Signature Wealth Management Partners LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 10.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,742 shares of the financial services provider’s stock after selling 575 shares during the period. Signature Wealth Management Partners LLC’s holdings in Bank of America were worth $224,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Brighton Jones LLC boosted its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the period. Fermata Advisors LLC boosted its position in shares of Bank of America by 115.6% during the first quarter. Fermata Advisors LLC now owns 14,083 shares of the financial services provider’s stock worth $588,000 after buying an additional 7,550 shares during the period. AMI Investment Management Inc. boosted its position in shares of Bank of America by 1.2% during the first quarter. AMI Investment Management Inc. now owns 83,492 shares of the financial services provider’s stock worth $3,484,000 after buying an additional 1,011 shares during the period. Foster Group Inc. boosted its position in shares of Bank of America by 15.5% during the first quarter. Foster Group Inc. now owns 11,647 shares of the financial services provider’s stock worth $486,000 after buying an additional 1,565 shares during the period. Finally, Ullmann Wealth Partners Group LLC boosted its position in shares of Bank of America by 1.6% during the first quarter. Ullmann Wealth Partners Group LLC now owns 52,985 shares of the financial services provider’s stock worth $2,211,000 after buying an additional 842 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.3%

Shares of NYSE BAC opened at $50.63 on Friday. The company has a market capitalization of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. 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 business has a 50-day moving average of $49.37 and a two-hundred day moving average of $45.26. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during 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%.Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.83 EPS. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was 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 of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Oppenheimer decreased their target price on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Citigroup lifted their target price on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Finally, Morgan Stanley lifted their target price on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday. Nineteen research 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, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $53.38.

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.