Traphagen Investment Advisors LLC Cuts Position in Bank of America Corporation $BAC

Traphagen Investment Advisors LLC trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 2.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,659 shares of the financial services provider’s stock after selling 285 shares during the quarter. Traphagen Investment Advisors LLC’s holdings in Bank of America were worth $552,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Advisory Solutions LLC raised its position in Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares in the last quarter. Centurion Wealth Management LLC raised its position in Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares in the last quarter. Nova Wealth Management Inc. raised its position 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 worth $25,000 after acquiring an additional 227 shares in the last quarter. Cape Investment Advisory Inc. raised its position in Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 238 shares in the last quarter. Finally, Rainier Family Wealth Inc. raised its position in Bank of America by 3.9% in the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 239 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.3%

Bank of America stock opened at $50.22 on Wednesday. The stock has a market cap of $371.95 billion, a PE ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33. The stock has a 50-day moving average price of $49.46 and a 200 day moving average price of $45.39. 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 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding 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 shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed 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 was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BAC shares. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research report on Saturday, September 27th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. TD Cowen raised their price target on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Twenty research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $53.93.

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.