Stephens Inc. AR Has $25.22 Million Position in Bank of America Corporation $BAC

Stephens Inc. AR lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 532,897 shares of the financial services provider’s stock after selling 6,959 shares during the quarter. Stephens Inc. AR’s holdings in Bank of America were worth $25,217,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Nova Wealth Management Inc. boosted its holdings in shares of Bank of America by 75.2% in the 2nd 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 in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC boosted its holdings in shares of Bank of America by 585.4% in the 2nd 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 in the last quarter. Acima Private Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 1.7%

Shares of NYSE:BAC opened at $51.28 on Monday. The firm has a market cap of $379.83 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.95 and a beta of 1.33. 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 Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The business has a fifty day simple moving average of $50.11 and a 200 day simple moving average of $45.88.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The business 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%.Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 30.52%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. TD Cowen raised their target price on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday. The Goldman Sachs Group raised their price objective on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. UBS Group raised their price objective on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Sunday. Finally, Argus raised their price objective on Bank of America from $53.00 to $58.00 in a report on Friday. 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.29.

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.