Stableford Capital II LLC Sells 1,842 Shares of Bank of America Corporation $BAC

Stableford Capital II LLC lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 8.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 21,305 shares of the financial services provider’s stock after selling 1,842 shares during the quarter. Stableford Capital II LLC’s holdings in Bank of America were worth $1,032,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Nova Wealth Management Inc. boosted its position in shares of 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 acquiring an additional 227 shares during the period. RMG Wealth Management LLC acquired a new stake in Bank of America in the 2nd quarter worth $28,000. CGC Financial Services LLC increased its holdings in shares of 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 worth $29,000 after purchasing an additional 521 shares during the period. Acima Private Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at about $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America in the first quarter valued at about $40,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by insiders.

Bank of America Stock Performance

NYSE BAC opened at $52.26 on Thursday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a 50 day moving average of $49.89 and a 200-day moving average of $45.67. 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 firm has a market cap of $387.06 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.94 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. On average, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a stock repurchase 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Morgan Stanley upped their price target on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, September 29th. 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 report on Tuesday, September 16th. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Evercore ISI upped their target price 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. Finally, HSBC lifted their price objective on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.