Bank of America Corporation $BAC Shares Sold by Revolve Wealth Partners LLC

Revolve Wealth Partners LLC lessened its stake in Bank of America Corporation (NYSE:BAC) by 3.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,633 shares of the financial services provider’s stock after selling 499 shares during the quarter. Revolve Wealth Partners LLC’s holdings in Bank of America were worth $645,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nova Wealth Management Inc. lifted its stake in Bank of America by 75.2% in 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 during the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the second quarter worth about $28,000. Acima Private Wealth LLC acquired a new position in Bank of America during the second quarter worth about $33,000. Cloud Capital Management LLC purchased a new position in Bank of America in the 1st quarter worth about $40,000. Finally, HighMark Wealth Management LLC increased its stake in Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 743 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.4%

Shares of Bank of America stock opened at $48.86 on Tuesday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The business has a 50-day moving average of $49.67 and a two-hundred day moving average of $45.59. The company 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 debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

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

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding 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 often an indication that the company’s board 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. Stockholders of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. Bank of America’s payout ratio is 32.75%.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the firm’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 value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft raised their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. TD Cowen lifted their price target on Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Citigroup boosted their price objective on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Finally, Royal Bank Of Canada boosted their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.64.

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.