New Millennium Group LLC Sells 1,285 Shares of Bank of America Corporation $BAC

New Millennium Group LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 9.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,631 shares of the financial services provider’s stock after selling 1,285 shares during the period. New Millennium Group LLC’s holdings in Bank of America were worth $550,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Quaker Wealth Management LLC lifted its stake in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. RMG Wealth Management LLC bought a new stake in shares of Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America in the second quarter valued at about $33,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $53.56 on Wednesday. The firm has a market cap of $396.68 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The company has a 50 day moving average of $51.18 and a 200-day moving average of $47.31. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.00.

Bank of America (NYSE:BAC) 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. 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%. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $0.81 earnings per share. On average, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America announced that its Board of Directors has authorized a share repurchase 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BAC shares. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Phillip Securities increased their price target on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Oppenheimer increased their price target on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Company 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.