Fielder Capital Group LLC Reduces Stock Position in Bank of America Corporation $BAC

Fielder Capital Group LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 6.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,249 shares of the financial services provider’s stock after selling 466 shares during the period. Fielder Capital Group LLC’s holdings in Bank of America were worth $343,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Deutsche Bank AG boosted its position in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the period. Unisphere Establishment boosted its position in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after buying an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in Bank of America during the 2nd quarter valued at $164,623,000. Maverick Capital Ltd. purchased a new stake in Bank of America during the 1st quarter valued at $152,098,000. Finally, AMF Tjanstepension AB boosted its position in Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after buying an additional 3,438,876 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In related 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 completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Robert W. Baird restated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 price objective (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a report on Wednesday. Finally, UBS Group upped their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

Bank of America Stock Up 1.3%

Shares of Bank of America stock opened at $52.44 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a 50-day moving average of $50.58 and a 200 day moving average of $46.31. The firm has a market cap of $388.38 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88.

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

Bank of America announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

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.