HC Advisors LLC Cuts Stock Holdings in Bank of America Corporation $BAC

HC Advisors LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.2% in the 1st quarter, Holdings Channel reports. The firm owned 9,679 shares of the financial services provider’s stock after selling 425 shares during the period. HC Advisors LLC’s holdings in Bank of America were worth $404,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Vega Investment Solutions purchased a new stake in Bank of America in the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC purchased a new stake in Bank of America in the fourth quarter worth approximately $34,000. Wood Tarver Financial Group LLC purchased a new stake in Bank of America in the fourth quarter worth approximately $38,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. Morgan Stanley increased their price objective on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. Truist Financial increased their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Robert W. Baird reissued a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Cowen began coverage on Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Finally, Oppenheimer increased their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.13.

Bank of America Price Performance

BAC opened at $47.92 on Tuesday. The stock has a fifty day simple moving average of $46.75 and a two-hundred day simple moving average of $43.76. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a market cap of $354.94 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.82 and a beta of 1.31. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.31.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

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.