Glass Wealth Management Co LLC Sells 7,155 Shares of Bank of America Corporation $BAC

Glass Wealth Management Co LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 7.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 89,967 shares of the financial services provider’s stock after selling 7,155 shares during the period. Bank of America comprises about 2.3% of Glass Wealth Management Co LLC’s investment portfolio, making the stock its 14th largest position. Glass Wealth Management Co LLC’s holdings in Bank of America were worth $4,257,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Nova Wealth Management Inc. lifted its holdings in shares of Bank of America by 75.2% during 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 during the last quarter. Cloud Capital Management LLC bought a new position in Bank of America during the 1st quarter valued at approximately $40,000. HighMark Wealth Management LLC raised its stake in Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares during the last quarter. Marshall & Sullivan Inc. WA bought a new stake in Bank of America in the second quarter worth $54,000. Finally, Highline Wealth Partners LLC grew its stake in shares of Bank of America by 37.1% in the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 313 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on BAC. The Goldman Sachs Group upped their price target on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. HSBC upped their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday. 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. Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Citigroup increased their target price 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. Nineteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

Bank of America Trading Up 0.3%

Shares of BAC stock opened at $50.63 on Monday. 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 12-month low of $33.06 and a 12-month high of $52.88. The stock has a market capitalization of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33. The firm’s 50 day moving average is $49.37 and its 200 day moving average is $45.30.

Bank of America (NYSE:BAC) last released its quarterly 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 firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company’s 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 EPS. Research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change 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 payout ratio is 32.75%.

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.