Capital Management Associates NY Cuts Position in Bank of America Co. (NYSE:BAC)

Capital Management Associates NY lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 7.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,603 shares of the financial services provider’s stock after selling 635 shares during the period. Capital Management Associates NY’s holdings in Bank of America were worth $302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. HHM Wealth Advisors LLC boosted its position in Bank of America by 1.8% during the second quarter. HHM Wealth Advisors LLC now owns 16,314 shares of the financial services provider’s stock worth $649,000 after purchasing an additional 284 shares in the last quarter. Evernest Financial Advisors LLC raised its stake in shares of Bank of America by 2.4% during the 2nd quarter. Evernest Financial Advisors LLC now owns 17,306 shares of the financial services provider’s stock worth $688,000 after buying an additional 412 shares during the last quarter. Biltmore Family Office LLC boosted its position in shares of Bank of America by 1.1% in the 2nd quarter. Biltmore Family Office LLC now owns 40,414 shares of the financial services provider’s stock worth $1,607,000 after buying an additional 423 shares in the last quarter. Angeles Wealth Management LLC grew its stake in Bank of America by 8.0% in the 2nd quarter. Angeles Wealth Management LLC now owns 126,656 shares of the financial services provider’s stock valued at $5,037,000 after acquiring an additional 9,346 shares during the last quarter. Finally, Headlands Technologies LLC increased its holdings in Bank of America by 84.5% during the 2nd quarter. Headlands Technologies LLC now owns 54,013 shares of the financial services provider’s stock valued at $2,148,000 after acquiring an additional 24,744 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BAC shares. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Evercore ISI upped their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Down 0.4 %

Shares of NYSE:BAC opened at $39.30 on Wednesday. The stock has a 50-day simple moving average of $40.25 and a 200-day simple moving average of $38.64. The stock has a market capitalization of $304.95 billion, a P/E ratio of 13.60, a PEG ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the previous year, the firm earned $0.88 earnings per share. Bank of America’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a $0.26 dividend. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.65%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the sale, the insider now directly owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. The disclosure for this sale can be found here. Insiders have sold a total of 114,391,986 shares of company stock worth $4,719,796,383 over the last quarter. 0.29% of the stock is owned by corporate insiders.

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.