Compound Planning Inc. Sells 5,733 Shares of Bank of America Corporation $BAC

Compound Planning Inc. lowered its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.8% in the first quarter, HoldingsChannel reports. The firm owned 146,111 shares of the financial services provider’s stock after selling 5,733 shares during the period. Compound Planning Inc.’s holdings in Bank of America were worth $6,097,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bragg Financial Advisors Inc boosted its holdings in shares of Bank of America by 13.7% during the first quarter. Bragg Financial Advisors Inc now owns 53,998 shares of the financial services provider’s stock worth $2,253,000 after acquiring an additional 6,510 shares during the period. Norinchukin Bank The boosted its holdings in shares of Bank of America by 14.6% during the first quarter. Norinchukin Bank The now owns 344,603 shares of the financial services provider’s stock worth $14,380,000 after acquiring an additional 43,841 shares during the period. Channing Capital Management LLC boosted its holdings in shares of Bank of America by 51.8% during the first quarter. Channing Capital Management LLC now owns 244,701 shares of the financial services provider’s stock worth $10,211,000 after acquiring an additional 83,511 shares during the period. CW Advisors LLC boosted its holdings in shares of Bank of America by 31.2% during the first quarter. CW Advisors LLC now owns 139,948 shares of the financial services provider’s stock worth $5,865,000 after acquiring an additional 33,257 shares during the period. Finally, Summit Financial LLC boosted its holdings in shares of Bank of America by 27.9% during the first quarter. Summit Financial LLC now owns 102,500 shares of the financial services provider’s stock worth $4,277,000 after acquiring an additional 22,374 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. HSBC cut Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. The Goldman Sachs Group boosted their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Oppenheimer boosted their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $50.13.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction 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 approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.2%

NYSE BAC opened at $48.2350 on Friday. The business has a fifty day moving average price of $46.95 and a two-hundred day moving average price of $43.84. 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 fifty-two week low of $33.06 and a fifty-two week high of $49.31. The stock has a market capitalization of $357.27 billion, a PE ratio of 14.10, a PEG ratio of 1.88 and a beta of 1.31.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping 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 firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the company earned $0.83 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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.

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.