Bank of America Corporation $BAC Shares Sold by apricus wealth LLC

apricus wealth LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 6.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 81,790 shares of the financial services provider’s stock after selling 5,390 shares during the period. Bank of America makes up approximately 2.3% of apricus wealth LLC’s investment portfolio, making the stock its 9th largest position. apricus wealth LLC’s holdings in Bank of America were worth $3,870,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of BAC. Brighton Jones LLC increased its position in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Bank of America by 8.2% in the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after purchasing an additional 8,435 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Bank of America by 64.9% during the first quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 2,179 shares during the last quarter. Ridgecrest Wealth Partners LLC increased its position in Bank of America by 16.8% during the 1st quarter. Ridgecrest Wealth Partners LLC now owns 13,882 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Live Oak Private Wealth LLC lifted its holdings in shares of Bank of America by 0.9% during the 1st quarter. Live Oak Private Wealth LLC now owns 377,203 shares of the financial services provider’s stock valued at $15,741,000 after acquiring an additional 3,549 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Piper Sandler upped their price target on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday. Evercore ISI boosted their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Robert W. Baird restated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. HSBC upped their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Finally, Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.29.

Check Out Our Latest Research Report on BAC

Bank of America Trading Up 1.4%

NYSE:BAC opened at $52.02 on Tuesday. The stock has a fifty day simple moving average of $50.23 and a 200 day simple moving average of $46.00. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $385.32 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the company posted $0.81 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Bank of America declared that its board has approved 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the 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 completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Bank of America Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.