Bank of America Corporation $BAC Position Reduced by CV Advisors LLC

CV Advisors LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 2.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 104,948 shares of the financial services provider’s stock after selling 2,673 shares during the quarter. Bank of America makes up 1.5% of CV Advisors LLC’s portfolio, making the stock its 10th biggest holding. CV Advisors LLC’s holdings in Bank of America were worth $4,966,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BAC. Deutsche Bank AG boosted its position in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment boosted its position in Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in Bank of America during the second quarter worth $164,623,000. Maverick Capital Ltd. purchased a new stake in shares of Bank of America in the first quarter valued at $152,098,000. Finally, AMF Tjanstepension AB lifted its position in shares of Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 2.4%

Shares of BAC 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 stock has a market cap of $360.12 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. The business’s fifty day moving average is $49.61 and its 200-day moving average is $45.52. 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 quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the firm earned $0.83 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. 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 payout ratio is presently 32.75%.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a research report on Wednesday. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Finally, Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $54.64.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction 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 directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is owned by insiders.

Bank of America 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.