Atria Wealth Solutions Inc. Decreases Stake in Bank of America Corporation $BAC

Atria Wealth Solutions Inc. reduced its holdings in Bank of America Corporation (NYSE:BAC) by 62.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,666 shares of the financial services provider’s stock after selling 167,099 shares during the period. Atria Wealth Solutions Inc.’s holdings in Bank of America were worth $4,791,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the period. Nicholas Hoffman & Company LLC. raised 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 period. Sunbeam Capital Management LLC raised its stake in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the period. CCG Wealth Management LLC purchased a new position in Bank of America during the second quarter worth about $287,000. Finally, Community Financial Services Group LLC raised its stake in Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock worth $8,000,000 after purchasing an additional 5,787 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.4%

Shares of BAC stock opened at $48.86 on Tuesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a market capitalization of $361.93 billion, a P/E ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. The company has a 50 day moving average price of $49.67 and a 200 day moving average price of $45.59. 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 analysts’ consensus estimates 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 net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.83 earnings per share. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

BAC has been the topic of a number of analyst reports. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. The Goldman Sachs Group lifted their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Royal Bank Of Canada lifted their target price on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Citigroup boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $54.64.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

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.