May Barnhard Investments LLC Has $1.66 Million Position in Bank of America Corporation $BAC

May Barnhard Investments LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 10.2% in the second quarter, HoldingsChannel.com reports. The fund owned 35,168 shares of the financial services provider’s stock after selling 4,015 shares during the quarter. May Barnhard Investments LLC’s holdings in Bank of America were worth $1,664,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Nova Wealth Management Inc. grew its holdings in 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 worth $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $28,000. CGC Financial Services LLC boosted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter worth about $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America 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 transaction, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.28 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The stock has a market cap of $379.83 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.93 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s 50-day simple moving average is $50.11 and its 200 day simple moving average is $45.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are 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 dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BAC. Barclays increased their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a research report on Thursday. HSBC increased their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Seaport Global Securities increased their price objective on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.76.

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.