Baldwin Wealth Partners LLC MA Sells 27,025 Shares of Bank of America Corporation $BAC

Baldwin Wealth Partners LLC MA lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 15.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 145,104 shares of the financial services provider’s stock after selling 27,025 shares during the quarter. Baldwin Wealth Partners LLC MA’s holdings in Bank of America were worth $6,866,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after purchasing an additional 803,570 shares during the period. Deutsche Bank AG lifted its position in Bank of America by 45.1% during the 1st 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 period. Amundi lifted its position in Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP lifted its position in Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after purchasing an additional 188,638 shares during the period. Finally, National Pension Service lifted its position in Bank of America by 2.4% during the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after purchasing an additional 300,944 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Morgan Stanley upped their target price on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Royal Bank Of Canada increased their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. HSBC increased their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Oppenheimer cut their price target on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 23rd. Finally, Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.11.

Bank of America Stock Performance

Shares of BAC stock opened at $49.71 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The company has a market capitalization of $368.20 billion, a P/E ratio of 14.54, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The company’s 50 day moving average price is $49.55 and its two-hundred day moving average price is $45.46. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

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, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the company posted $0.83 EPS. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The business 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 is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s dividend 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.