Rosenberg Matthew Hamilton Sells 867 Shares of Bank of America Corporation $BAC

Rosenberg Matthew Hamilton lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 8.9% in the second quarter, HoldingsChannel.com reports. The firm owned 8,873 shares of the financial services provider’s stock after selling 867 shares during the period. Rosenberg Matthew Hamilton’s holdings in Bank of America were worth $420,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new stake in Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC increased its stake in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter worth $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America in the 1st quarter worth $40,000. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the 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 sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on BAC shares. Wells Fargo & Company upped their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Daiwa Capital Markets upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. HSBC upped their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Citigroup upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Finally, Royal Bank Of Canada upped 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. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $54.64.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.04 on Wednesday. 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 company has a market capitalization of $370.62 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company’s 50-day moving average is $49.76 and its 200 day moving average is $45.62.

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

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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.