Bank of America Corporation $BAC Position Lessened by GWN Securities Inc.

GWN Securities Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 95.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,021 shares of the financial services provider’s stock after selling 142,205 shares during the quarter. GWN Securities Inc.’s holdings in Bank of America were worth $333,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in BAC. Wealth Advisory Solutions LLC increased its holdings in shares of Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares during the period. Ballast Advisors LLC increased its stake in shares of Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 218 shares during the period. Cyndeo Wealth Partners LLC raised its holdings in shares of Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after buying an additional 221 shares during the last quarter. Centurion Wealth Management LLC boosted its position in shares of Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after buying an additional 225 shares during the period. Finally, Nova Wealth Management Inc. boosted its position in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.58 on Thursday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.28. 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 50-day moving average of $50.86 and a two-hundred day moving average of $46.80. The company has a market capitalization of $389.43 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 2.00 and a beta of 1.33.

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

Bank of America declared that its board has authorized a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

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

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’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 sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on BAC shares. Seaport Global Securities raised their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Argus raised their price target on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. TD Cowen lifted their price objective on shares of Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Morgan Stanley raised their target price on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.27.

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.