Checchi Capital Advisers LLC Sells 1,050 Shares of Bank of America Corporation $BAC

Checchi Capital Advisers LLC decreased its holdings in Bank of America Corporation (NYSE:BAC) by 1.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,039 shares of the financial services provider’s stock after selling 1,050 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Bank of America were worth $3,598,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Willner & Heller LLC increased its position in shares of Bank of America by 7.3% in the 2nd quarter. Willner & Heller LLC now owns 5,995 shares of the financial services provider’s stock valued at $284,000 after buying an additional 407 shares in the last quarter. Oak Hill Wealth Advisors LLC grew its stake in shares of Bank of America by 4.7% during the 2nd quarter. Oak Hill Wealth Advisors LLC now owns 6,622 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 300 shares in the last quarter. AMF Tjanstepension AB grew its stake in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after acquiring an additional 3,438,876 shares in the last quarter. Apexium Financial LP grew its position in Bank of America by 8.7% in the second quarter. Apexium Financial LP now owns 15,132 shares of the financial services provider’s stock valued at $716,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Peoples Bank OH grew its position in Bank of America by 3.8% in the second quarter. Peoples Bank OH now owns 20,432 shares of the financial services provider’s stock valued at $967,000 after purchasing an additional 750 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Bank of America Trading Up 0.3%

NYSE:BAC opened at $50.63 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company 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. 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’s fifty day moving average price is $49.37 and its two-hundred day moving average price is $45.28.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the company posted $0.83 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are often 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. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Analyst Ratings Changes

A number of research firms recently commented on BAC. Royal Bank Of Canada lifted their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday. The Goldman Sachs Group upped their target price on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Nineteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

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.