First Dallas Securities Inc. Sells 8,122 Shares of Bank of America Corporation $BAC

First Dallas Securities Inc. lowered its position in Bank of America Corporation (NYSE:BAC) by 16.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,962 shares of the financial services provider’s stock after selling 8,122 shares during the quarter. First Dallas Securities Inc.’s holdings in Bank of America were worth $1,938,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Quaker Wealth Management LLC boosted its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares in the last quarter. Nova Wealth Management Inc. boosted its position in shares of 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 valued at $25,000 after acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new stake in Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC raised its position in 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 worth $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC bought a new position in Bank of America during the second quarter worth about $33,000. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. TD Cowen increased their price objective on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group cut their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Barclays upped their target price on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Price Performance

BAC opened at $53.22 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $388.62 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company’s 50 day simple moving average is $51.33 and its 200-day simple moving average is $47.63. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99.

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 (EPS) for the quarter, topping the consensus estimate 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 return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company 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 is Friday, December 5th. This represents a $1.12 annualized dividend and a 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 initiated a stock repurchase plan 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.