Prentice Wealth Management LLC Decreases Stock Position in Bank of America Corporation $BAC

Prentice Wealth Management LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 2.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,088 shares of the financial services provider’s stock after selling 522 shares during the period. Prentice Wealth Management LLC’s holdings in Bank of America were worth $856,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC purchased a new position in Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC boosted its holdings 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 valued at $29,000 after purchasing an additional 521 shares during the period. Acima Private Wealth LLC purchased a new position in Bank of America in the second quarter valued at $33,000. Finally, Cloud Capital Management LLC purchased a new position in Bank of America in the first quarter valued at $40,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $51.77 on Friday. The stock’s 50-day moving average is $50.47 and its two-hundred day moving average is $46.19. The firm has a market cap of $383.49 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.94 and a beta of 1.33. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. 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 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 company had revenue of $28.09 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 earnings per share. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders 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 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Citigroup raised their price target on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. HSBC raised their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Robert W. Baird restated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. TD Cowen raised their price target on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Finally, Barclays raised their price target on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.23.

About Bank of America

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.