Cromwell Holdings LLC Sells 8,874 Shares of Bank of America Corporation $BAC

Cromwell Holdings LLC cut its position in Bank of America Corporation (NYSE:BAC) by 41.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,730 shares of the financial services provider’s stock after selling 8,874 shares during the quarter. Cromwell Holdings LLC’s holdings in Bank of America were worth $602,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BAC. Deutsche Bank AG raised its position in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment raised its position in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Bank of America in the second quarter valued at about $164,623,000. Maverick Capital Ltd. bought a new position in Bank of America in the first quarter valued at about $152,098,000. Finally, Azora Capital LP increased its stake in shares of Bank of America by 958.9% in the first quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock valued at $139,560,000 after buying an additional 3,028,530 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Royal Bank Of Canada increased their price target on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday. Citigroup increased their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Oppenheimer decreased their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, September 23rd. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Seventeen equities research 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, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.88.

Bank of America Stock Down 0.5%

Shares of Bank of America stock opened at $50.44 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock’s 50-day moving average is $49.33 and its 200 day moving average is $45.19. The firm has a market cap of $373.57 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.97 and a beta of 1.33.

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, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 EPS. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

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

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred 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 transaction, the insider 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

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.