Hardy Reed LLC Decreases Holdings in Bank of America Corporation $BAC

Hardy Reed LLC decreased its holdings in Bank of America Corporation (NYSE:BAC) by 3.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,712 shares of the financial services provider’s stock after selling 308 shares during the period. Hardy Reed LLC’s holdings in Bank of America were worth $365,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% during the 2nd 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 stake in Bank of America in the first quarter worth $40,000. HighMark Wealth Management LLC boosted 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 worth $43,000 after buying an additional 743 shares during the period. Highline Wealth Partners LLC increased its position in Bank of America by 37.1% during the first quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 313 shares during the last quarter. Finally, MorganRosel Wealth Management LLC bought a new position in Bank of America during the first quarter valued at $50,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday. TD Cowen upped their target price on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Robert W. Baird reissued a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Finally, Evercore ISI boosted their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Nineteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.38.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated 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 sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.6%

Shares of NYSE BAC opened at $50.36 on Tuesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The firm has a market capitalization of $373.01 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.96 and a beta of 1.33. The stock has a 50 day moving average price of $49.42 and a 200 day moving average price of $45.35. 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 issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the business earned $0.83 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

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.