Capital Investment Advisors LLC Has $24.38 Million Stake in Bank of America Corporation $BAC

Capital Investment Advisors LLC cut its position in Bank of America Corporation (NYSE:BAC) by 0.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 515,243 shares of the financial services provider’s stock after selling 2,811 shares during the quarter. Capital Investment Advisors LLC’s holdings in Bank of America were worth $24,381,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BAC. Nicholas Hoffman & Company LLC. lifted its stake in Bank of America by 121.0% during 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 during the last quarter. Gradient Investments LLC lifted its position in shares of Bank of America by 7.8% during 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 last quarter. Prosperity Wealth Management Inc. bought a new stake in shares of Bank of America during the 1st quarter worth $998,000. Alpha Cubed Investments LLC grew its position in Bank of America by 37.2% in 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 last quarter. Finally, International Assets Investment Management LLC raised its stake 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 worth $9,951,000 after acquiring an additional 150,299 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $52.36 on Tuesday. 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 firm has a market cap of $387.83 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 2.02 and a beta of 1.34. The company’s fifty day simple moving average is $49.16 and its 200 day simple moving average is $45.05. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the company posted $0.83 EPS. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on 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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Wells Fargo & Company lifted their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Citigroup boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Oppenheimer dropped their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, September 23rd. Morgan Stanley raised their price objective on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday. Finally, Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.82.

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.