RKL Wealth Management LLC Cuts Position in Bank of America Corporation $BAC

RKL Wealth Management LLC lessened its stake in Bank of America Corporation (NYSE:BAC) by 3.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,971 shares of the financial services provider’s stock after selling 218 shares during the quarter. RKL Wealth Management LLC’s holdings in Bank of America were worth $330,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Wealth Advisory Solutions LLC grew its position in Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the period. Centurion Wealth Management LLC raised its holdings in Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the last quarter. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Cape Investment Advisory Inc. raised its holdings in Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares during the last quarter. Finally, Rainier Family Wealth Inc. increased its holdings in shares of Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after buying an additional 239 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $50.67 on Thursday. The firm has a market cap of $375.29 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.00 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The firm has a fifty day moving average of $49.29 and a two-hundred day moving average of $45.13.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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 analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.83 EPS. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider 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 document filed with the SEC, which is accessible through this link. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BAC. Morgan Stanley lifted their target price on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Evercore ISI boosted their price target on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday. Oppenheimer reduced their price target on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Finally, HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and lifted their price objective for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.78.

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.