Bank of America Corporation $BAC Shares Sold by Garrison Point Advisors LLC

Garrison Point Advisors LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 25.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,933 shares of the financial services provider’s stock after selling 6,589 shares during the quarter. Garrison Point Advisors LLC’s holdings in Bank of America were worth $896,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC boosted its stake in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the last quarter. Nova Wealth Management Inc. raised its position 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 last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC boosted its position in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $53.22 on Friday. The business has a 50-day moving average of $51.33 and a two-hundred day moving average of $47.51. The firm has a market capitalization of $388.62 billion, a PE ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. 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 is presently 30.52%.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. HSBC increased their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. The Goldman Sachs Group decreased their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Finally, Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.86.

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.