Folger Nolan Fleming Douglas Capital Management Inc. Has $1.59 Million Position in Bank of America Corporation $BAC

Folger Nolan Fleming Douglas Capital Management Inc. lowered its holdings in Bank of America Corporation (NYSE:BAC) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,492 shares of the financial services provider’s stock after selling 470 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Bank of America were worth $1,585,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Nova Wealth Management Inc. raised its position 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 worth $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the second quarter worth $28,000. Acima Private Wealth LLC bought a new stake in shares of Bank of America during the second quarter worth $33,000. Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter worth $40,000. Finally, HighMark Wealth Management LLC raised its position in shares of 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 acquiring an additional 743 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 2.4%

Shares of Bank of America stock opened at $48.62 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The business has a 50-day moving average of $49.61 and a two-hundred day moving average of $45.50. The company has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.93 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 (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) 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 company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the company earned $0.83 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm 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. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Morgan Stanley boosted their target price on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Wolfe Research upped their price objective on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Royal Bank Of Canada upped their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Finally, Daiwa Capital Markets upped their price objective on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $54.64.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 completion of the sale, the insider directly owned 223,407 shares in the company, valued at $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 available through the SEC website. 0.30% of the stock is owned by company insiders.

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.