Avidian Wealth Enterprises LLC Decreases Position in Bank of America Corporation $BAC

Avidian Wealth Enterprises LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 10.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,383 shares of the financial services provider’s stock after selling 3,358 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Bank of America were worth $1,343,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after purchasing an additional 803,570 shares during the last quarter. Deutsche Bank AG increased its stake in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Amundi boosted its position in shares of Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after buying an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Finally, National Pension Service grew its position in shares of Bank of America by 2.4% during the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after buying an additional 300,944 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 1.0%

NYSE BAC opened at $51.52 on Wednesday. The company has a market capitalization of $381.58 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.98 and a beta of 1.33. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm’s fifty day moving average price is $50.31 and its 200 day moving average price is $46.04. 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 (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share 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 company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, sell-side analysts expect 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 buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Morgan Stanley raised their target price on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 target price (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Finally, The Goldman Sachs Group upped their price target on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.23.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

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.