Bank of America Corporation $BAC Shares Sold by Three Bridge Wealth Advisors LLC

Three Bridge Wealth Advisors LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 29.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,121 shares of the financial services provider’s stock after selling 2,179 shares during the quarter. Three Bridge Wealth Advisors LLC’s holdings in Bank of America were worth $242,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BAC. Deutsche Bank AG boosted its holdings in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment boosted its holdings in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Bank of America in the 2nd quarter worth $164,623,000. Maverick Capital Ltd. purchased a new position in shares of Bank of America in the 1st quarter worth $152,098,000. Finally, AMF Tjanstepension AB raised its position in shares of Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after buying an additional 3,438,876 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Citigroup lifted their price target on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. HSBC lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley boosted their target price on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday. Nineteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Trading Up 0.3%

NYSE:BAC opened at $50.63 on Friday. The firm’s fifty day moving average is $49.37 and its 200-day moving average is $45.28. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The firm has a market cap of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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 company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the firm posted $0.83 EPS. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Equities analysts expect 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 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 of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has initiated 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 an indication that the company’s leadership believes its shares are undervalued.

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.