Bank of America Corporation $BAC Shares Sold by CMG Global Holdings LLC

CMG Global Holdings LLC cut its position in shares of Bank of America Corporation (NYSE:BAC) by 4.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 29,051 shares of the financial services provider’s stock after selling 1,438 shares during the period. CMG Global Holdings LLC’s holdings in Bank of America were worth $1,401,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC increased 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 acquiring an additional 24,740 shares during the last quarter. Disciplined Investments LLC acquired a new stake in Bank of America during the second quarter worth about $217,000. Nicholas Hoffman & Company LLC. increased 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 acquiring an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC boosted its position in shares of Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the period. Finally, CCG Wealth Management LLC purchased a new stake in shares of Bank of America in the second quarter worth about $287,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 1.7%

Shares of BAC opened at $51.28 on Monday. The company has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a 50-day moving average price of $50.11 and a 200 day moving average price of $45.88.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS 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 the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.81 earnings per share. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. 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 payout ratio is currently 30.52%.

Bank of America announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BAC shares. Deutsche Bank Aktiengesellschaft upped their target price 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. Royal Bank Of Canada upped their target price on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Seaport Global Securities upped their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. The Goldman Sachs Group upped their target price on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Finally, Oppenheimer upped their target price on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.29.

Insider Buying and Selling at Bank of America

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

Bank of America Company 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.