Bank of America Corporation $BAC is Gables Capital Management Inc.’s 9th Largest Position

Gables Capital Management Inc. lessened its stake in Bank of America Corporation (NYSE:BAC) by 10.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,001 shares of the financial services provider’s stock after selling 10,793 shares during the quarter. Bank of America comprises about 2.1% of Gables Capital Management Inc.’s holdings, making the stock its 9th largest holding. Gables Capital Management Inc.’s holdings in Bank of America were worth $4,353,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cullen Frost Bankers Inc. boosted its stake in shares of Bank of America by 0.7% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 990,527 shares of the financial services provider’s stock valued at $46,872,000 after buying an additional 6,590 shares during the last quarter. Fiduciary Family Office LLC boosted its stake in shares of Bank of America by 8.7% during the 2nd quarter. Fiduciary Family Office LLC now owns 38,670 shares of the financial services provider’s stock valued at $1,830,000 after buying an additional 3,101 shares during the last quarter. IMG Wealth Management Inc. boosted its stake in shares of Bank of America by 130.9% during the 2nd quarter. IMG Wealth Management Inc. now owns 4,775 shares of the financial services provider’s stock valued at $226,000 after buying an additional 2,707 shares during the last quarter. Advantage Trust Co boosted its stake in shares of Bank of America by 100.0% during the 2nd quarter. Advantage Trust Co now owns 2,250 shares of the financial services provider’s stock valued at $106,000 after buying an additional 1,125 shares during the last quarter. Finally, Jackson Thornton Wealth Management LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at approximately $258,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bank of America 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 value of $6,762,177.87. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Performance

BAC stock opened at $51.52 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $381.58 billion, a P/E ratio of 14.04, a P/E/G ratio of 1.98 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The stock’s 50 day simple moving average is $50.31 and its 200 day simple moving average is $46.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 EPS. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

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

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Morgan Stanley increased their target price on Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. UBS Group increased their target price on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Finally, Wolfe Research upped their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $57.23.

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.