Citrine Capital LLC Has $306,000 Stock Holdings in Bank of America Corporation $BAC

Citrine Capital LLC decreased its position in Bank of America Corporation (NYSE:BAC) by 10.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,466 shares of the financial services provider’s stock after selling 788 shares during the period. Citrine Capital LLC’s holdings in Bank of America were worth $306,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Nova Wealth Management Inc. raised its stake in shares of 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 in the last quarter. Cloud Capital Management LLC bought a new stake in Bank of America in the 1st quarter valued at $40,000. Perkins Coie Trust Co raised its stake in shares of Bank of America by 67.8% in the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after buying an additional 423 shares in the last quarter. Cranbrook Wealth Management LLC lifted its holdings in shares of Bank of America by 41.2% during the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 306 shares during the period. Finally, HighMark Wealth Management LLC lifted its holdings in shares of Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 743 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Morgan Stanley boosted their target price on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and increased their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.63.

Bank of America Trading Down 1.6%

BAC stock opened at $51.58 on Wednesday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a market capitalization of $382.05 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. The company’s 50-day simple moving average is $49.24 and its 200 day simple moving average is $45.09. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America announced that its board has authorized a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was 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 of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by company insiders.

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.