Hodges Capital Management Inc. Sells 3,997 Shares of Bank of America Corporation $BAC

Hodges Capital Management Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 8.0% in the second quarter, Holdings Channel reports. The firm owned 46,069 shares of the financial services provider’s stock after selling 3,997 shares during the period. Hodges Capital Management Inc.’s holdings in Bank of America were worth $2,180,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its stake in Bank of America by 75.2% in 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. Quaker Wealth Management LLC boosted its holdings 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 purchasing an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in Bank of America in the second quarter worth approximately $28,000. CGC Financial Services LLC grew its stake 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 purchased a new position in Bank of America during the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.1%

Shares of Bank of America stock opened at $53.22 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $388.62 billion, a P/E ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. The firm’s 50 day moving average price is $51.33 and its 200-day moving average price is $47.63. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.99.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the firm earned $0.81 earnings per share. Bank of America’s revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BAC. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. JPMorgan Chase & Co. increased their target price on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. UBS Group raised their target price on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Finally, Argus lifted their price objective on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. 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 has an average rating of “Moderate Buy” and a consensus price target 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.