Bank of America Corporation $BAC Shares Sold by InTrack Investment Management Inc

InTrack Investment Management Inc trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 10.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,698 shares of the financial services provider’s stock after selling 1,750 shares during the quarter. InTrack Investment Management Inc’s holdings in Bank of America were worth $743,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Nova Wealth Management Inc. lifted its stake 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 buying an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new stake in Bank of America during the second quarter valued at about $28,000. Cloud Capital Management LLC purchased a new stake in Bank of America during the first quarter valued at about $40,000. HighMark Wealth Management LLC lifted its stake in Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares in the last quarter. Finally, Highline Wealth Partners LLC lifted its stake in Bank of America by 37.1% during the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock valued at $48,000 after buying an additional 313 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred 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 $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $49.82 on Thursday. The stock has a market capitalization of $369.01 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The business has a 50-day moving average price of $49.50 and a two-hundred day moving average price of $45.42.

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. The company 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 company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 EPS. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share 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 shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. 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%.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Evercore ISI upped their price objective on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Citigroup raised their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Finally, Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Twenty-one equities 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.11.

About Bank of America

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.