Bank of America Corporation $BAC Shares Sold by Cahaba Wealth Management Inc.

Cahaba Wealth Management Inc. decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 10.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,496 shares of the financial services provider’s stock after selling 1,194 shares during the period. Cahaba Wealth Management Inc.’s holdings in Bank of America were worth $497,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Eastover Investment Advisors LLC acquired a new position in Bank of America during the second quarter worth approximately $212,000. Ascent Capital Management LLC increased its position in Bank of America by 12.5% during the second quarter. Ascent Capital Management LLC now owns 5,524 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 615 shares during the last quarter. West Branch Capital LLC increased its position in Bank of America by 5.4% during the second quarter. West Branch Capital LLC now owns 62,701 shares of the financial services provider’s stock worth $2,967,000 after purchasing an additional 3,210 shares during the last quarter. Signaturefd LLC increased its position in Bank of America by 21.6% during the second quarter. Signaturefd LLC now owns 200,282 shares of the financial services provider’s stock worth $9,477,000 after purchasing an additional 35,511 shares during the last quarter. Finally, First American Bank increased its position in Bank of America by 0.4% during the second quarter. First American Bank now owns 220,375 shares of the financial services provider’s stock worth $10,428,000 after purchasing an additional 937 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This 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 link. Company insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $52.21 on Friday. The company has a market capitalization of $386.72 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.01 and a beta of 1.34. The firm has a fifty day simple moving average of $49.07 and a 200-day simple moving average of $44.90. The company has a current ratio of 0.80, a quick ratio of 0.79 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 $52.88.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Truist Financial increased their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.92.

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.