RiverGlades Family Offices LLC Cuts Position in Bank of America Corporation $BAC

RiverGlades Family Offices LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 17.7% during the second quarter, HoldingsChannel reports. The fund owned 9,300 shares of the financial services provider’s stock after selling 2,000 shares during the quarter. RiverGlades Family Offices LLC’s holdings in Bank of America were worth $440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC increased its holdings in shares of 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 valued at $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC acquired a new position in Bank of America during the second quarter valued at $217,000. Nicholas Hoffman & Company LLC. raised its position in shares of Bank of America by 121.0% in 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 period. Sunbeam Capital Management LLC raised 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 acquiring an additional 439 shares during the period. Finally, CCG Wealth Management LLC acquired a new position in shares of Bank of America in the second quarter worth about $287,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $53.56 on Tuesday. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.64. The company has a 50 day moving average price of $51.11 and a 200 day moving average price of $47.20. The firm has a market capitalization of $396.73 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 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 firm’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Evercore ISI upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Phillip Securities increased their price target on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. UBS Group increased their target price 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. Finally, The Goldman Sachs Group reduced their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.59.

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.