Viewpoint Capital Management LLC Sells 500 Shares of Bank of America Corporation $BAC

Viewpoint Capital Management LLC cut its holdings in Bank of America Corporation (NYSE:BAC) by 0.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,864 shares of the financial services provider’s stock after selling 500 shares during the period. Bank of America makes up 3.8% of Viewpoint Capital Management LLC’s investment portfolio, making the stock its 4th biggest holding. Viewpoint Capital Management LLC’s holdings in Bank of America were worth $7,801,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Mraz Amerine & Associates Inc. bought a new stake in Bank of America during the second quarter worth approximately $339,000. Heck Capital Advisors LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $378,000. Capital Advisors Inc. OK grew its position in Bank of America by 2.8% during the second quarter. Capital Advisors Inc. OK now owns 45,917 shares of the financial services provider’s stock worth $2,173,000 after buying an additional 1,232 shares in the last quarter. Iowa State Bank lifted its holdings in shares of Bank of America by 1.1% during the 2nd quarter. Iowa State Bank now owns 97,068 shares of the financial services provider’s stock worth $4,593,000 after acquiring an additional 1,032 shares during the period. Finally, Relyea Zuckerberg Hanson LLC grew its stake in shares of Bank of America by 4.3% in the 2nd quarter. Relyea Zuckerberg Hanson LLC now owns 18,042 shares of the financial services provider’s stock valued at $854,000 after purchasing an additional 752 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Seaport Global Securities raised their target price on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. The Goldman Sachs Group lifted their price target on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Nineteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $53.38.

Bank of America Stock Down 0.6%

Shares of BAC opened at $50.36 on Tuesday. The firm has a 50 day simple moving average of $49.42 and a two-hundred day simple moving average of $45.35. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a market cap of $373.01 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.96 and a beta of 1.33.

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

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase 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 business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

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.