LGT Fund Management Co Ltd. Sells 153,773 Shares of Bank of America Corporation $BAC

LGT Fund Management Co Ltd. cut its position in shares of Bank of America Corporation (NYSE:BAC) by 61.4% during the second quarter, HoldingsChannel.com reports. The firm owned 96,473 shares of the financial services provider’s stock after selling 153,773 shares during the period. LGT Fund Management Co Ltd.’s holdings in Bank of America were worth $4,565,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Advisory Solutions LLC boosted its position in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Centurion Wealth Management LLC boosted its position in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Cape Investment Advisory Inc. lifted its position in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after buying an additional 238 shares during the last quarter. Finally, Rainier Family Wealth Inc. boosted its stake in shares of Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 239 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $50.63 on Friday. The stock has a market capitalization of $374.98 billion, a PE ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33. 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 business has a fifty day moving average price of $49.37 and a two-hundred day moving average price of $45.26. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88.

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

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign 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. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is presently 32.75%.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’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 transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a research note on Saturday, September 27th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. TD Cowen increased their price target on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. Nineteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.38.

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.