Cumberland Advisors Inc. reduced its position in Bank of America Corp (NYSE:BAC) by 0.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 73,800 shares of the financial services provider’s stock after selling 400 shares during the period. Cumberland Advisors Inc.’s holdings in Bank of America were worth $2,153,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in BAC. Howe & Rusling Inc. lifted its stake in Bank of America by 14.9% in the 1st quarter. Howe & Rusling Inc. now owns 314,745 shares of the financial services provider’s stock worth $8,684,000 after purchasing an additional 40,836 shares in the last quarter. SeaBridge Investment Advisors LLC lifted its stake in Bank of America by 1.2% in the 1st quarter. SeaBridge Investment Advisors LLC now owns 163,702 shares of the financial services provider’s stock worth $4,517,000 after purchasing an additional 1,985 shares in the last quarter. RDA Financial Network purchased a new stake in Bank of America in the 1st quarter worth approximately $451,000. Allen Capital Group LLC lifted its stake in Bank of America by 1.8% in the 1st quarter. Allen Capital Group LLC now owns 39,884 shares of the financial services provider’s stock worth $1,100,000 after purchasing an additional 706 shares in the last quarter. Finally, Janney Capital Management LLC lifted its stake in Bank of America by 2.8% in the 1st quarter. Janney Capital Management LLC now owns 19,212 shares of the financial services provider’s stock worth $530,000 after purchasing an additional 527 shares in the last quarter. 68.48% of the stock is owned by hedge funds and other institutional investors.
In related news, major shareholder Of America Corp /De/ Bank bought 5,370 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were purchased at an average price of $11.83 per share, with a total value of $63,527.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.17% of the company’s stock.
Several analysts have issued reports on BAC shares. Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $36.00 to $29.00 in a research note on Thursday, September 5th. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research note on Wednesday, July 10th. Finally, BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a research note on Monday, June 17th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $32.32.
Bank of America stock traded up $0.70 during trading hours on Friday, reaching $29.15. The stock had a trading volume of 41,141,213 shares, compared to its average volume of 57,443,616. The stock has a market cap of $271.38 billion, a PE ratio of 11.17, a PEG ratio of 1.13 and a beta of 1.60. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.17. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The company has a fifty day simple moving average of $28.40 and a 200-day simple moving average of $28.71.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 EPS. Research analysts predict that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.
Bank of America declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.18 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. Bank of America’s payout ratio is presently 27.59%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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