Bank of America Corporation $BAC Shares Sold by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 0.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 205,807 shares of the financial services provider’s stock after selling 1,278 shares during the period. Bank of America comprises about 0.9% of Fidelis Capital Partners LLC’s holdings, making the stock its 24th largest holding. Fidelis Capital Partners LLC’s holdings in Bank of America were worth $9,348,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wealth Advisory Solutions LLC boosted its stake 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 valued at $243,000 after buying an additional 214 shares during the period. Ballast Advisors LLC raised its holdings in 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 acquiring an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its stake in Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 221 shares during the last quarter. Centurion Wealth Management LLC grew its holdings in Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. grew its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Oppenheimer increased their target price on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Phillip Securities raised their price objective on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 target price (up from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Finally, Wolfe Research lifted their price target on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Price Performance

Shares of BAC opened at $53.22 on Monday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.99. The company has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The firm has a 50-day simple moving average of $51.33 and a 200-day simple moving average of $47.63. 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 issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the firm posted $0.81 EPS. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current 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 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%.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

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.