Hoey Investments Inc. Decreases Stock Holdings in Bank of America Corporation $BAC

Hoey Investments Inc. lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 134,247 shares of the financial services provider’s stock after selling 5,047 shares during the quarter. Bank of America accounts for 0.9% of Hoey Investments Inc.’s holdings, making the stock its 11th biggest holding. Hoey Investments Inc.’s holdings in Bank of America were worth $6,353,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of BAC. Brighton Jones LLC increased its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after purchasing an additional 226,246 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of Bank of America during the 4th quarter valued at approximately $218,000. Armis Advisers LLC bought a new position in shares of Bank of America during the 4th quarter valued at approximately $851,000. Finally, Heck Capital Advisors LLC purchased a new position in Bank of America during the 4th quarter valued at $429,000. Institutional investors own 70.71% of the company’s stock.

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 that occurred on 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 transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. 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 company insiders.

Bank of America Stock Down 0.4%

Shares of BAC opened at $52.03 on Tuesday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.66. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $385.39 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 2.03 and a beta of 1.34. The stock’s 50-day moving average price is $48.65 and its 200-day moving average price is $44.63.

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, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 earnings per share. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. 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 32.75%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BAC. Citigroup boosted their price objective on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday. HSBC cut Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, Truist Financial boosted their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.82.

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.