Secure Asset Management LLC Sells 17,556 Shares of Bank of America Corporation $BAC

Secure Asset Management LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 27.3% in the second quarter, Holdings Channel.com reports. The firm owned 46,655 shares of the financial services provider’s stock after selling 17,556 shares during the period. Secure Asset Management LLC’s holdings in Bank of America were worth $2,208,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. increased its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Vega Investment Solutions bought a new position in Bank of America during the 4th quarter worth about $30,000. Wood Tarver Financial Group LLC bought a new position in Bank of America during the 4th quarter worth about $38,000. Mascagni Wealth Management Inc. bought a new position in Bank of America during the 4th quarter worth about $40,000. Finally, Cloud Capital Management LLC bought a new position in Bank of America during the 1st quarter worth about $40,000. 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 firm’s 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 transaction, the insider directly 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BAC shares. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. The Goldman Sachs Group increased their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and increased their price objective for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Truist Financial increased their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Finally, Citigroup increased their price objective on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.61.

Bank of America Stock Up 1.4%

Bank of America stock opened at $51.36 on Thursday. The stock has a market cap of $380.42 billion, a P/E ratio of 15.02, a P/E/G ratio of 1.97 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $51.63. The company’s 50-day moving average price is $48.33 and its two-hundred day moving average price is $44.40.

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

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is 32.75%.

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.