Bank of America Corporation $BAC Shares Sold by KMG Fiduciary Partners LLC

KMG Fiduciary Partners LLC lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,858 shares of the financial services provider’s stock after selling 668 shares during the period. KMG Fiduciary Partners LLC’s holdings in Bank of America were worth $656,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% during the 2nd 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. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter worth approximately $30,000. Wood Tarver Financial Group LLC acquired a new position in Bank of America during the fourth quarter worth approximately $38,000. Mascagni Wealth Management Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $40,000. Finally, Cloud Capital Management LLC purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BAC shares. Oppenheimer lifted their target price 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. HSBC downgraded Bank of America from a “buy” rating to a “hold” rating and boosted their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Citigroup upped their target price on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, June 26th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.61.

Bank of America Stock Up 1.5%

Shares of Bank of America stock opened at $52.17 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.19. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $386.42 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 1.99 and a beta of 1.34. The business’s 50 day simple moving average is $48.44 and its 200-day simple moving average is $44.45.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 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 firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the firm earned $0.83 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is 32.75%.

Bank of America announced that its board has authorized 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 repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

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.