Pitti Group Wealth Management LLC Lowers Position in Bank of America Corporation $BAC

Pitti Group Wealth Management LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 22,375 shares of the financial services provider’s stock after selling 355 shares during the period. Bank of America accounts for about 0.9% of Pitti Group Wealth Management LLC’s investment portfolio, making the stock its 27th biggest holding. Pitti Group Wealth Management LLC’s holdings in Bank of America were worth $1,059,000 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 stock. Nicholas Hoffman & Company LLC. increased its stake in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Gradient Investments LLC boosted its holdings in Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after buying an additional 50,296 shares during the period. Prosperity Wealth Management Inc. purchased a new stake in Bank of America in the 1st quarter worth $998,000. Alpha Cubed Investments LLC raised its holdings in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after acquiring an additional 17,619 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Bank of America by 170.5% during the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after acquiring an additional 150,299 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.1%

Shares of BAC opened at $51.67 on Thursday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market capitalization of $382.69 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 2.01 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The business’s 50 day simple moving average is $48.87 and its 200-day simple moving average is $44.73.

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

Bank of America announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a $0.28 dividend. 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 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s payout ratio is presently 32.75%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Truist Financial increased their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Morgan Stanley increased their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Robert W. Baird reissued a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Finally, Wells Fargo & Company upped their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

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.