WBH Advisory Inc. Has $1.57 Million Stock Position in Bank of America Corporation $BAC

WBH Advisory Inc. lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,080 shares of the financial services provider’s stock after selling 1,173 shares during the period. WBH Advisory Inc.’s holdings in Bank of America were worth $1,565,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in shares of Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after acquiring an additional 803,570 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Amundi raised its holdings in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Finally, National Pension Service raised its holdings in shares of Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after acquiring an additional 300,944 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BAC shares. Morgan Stanley upped their target price on shares of Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday. Wells Fargo & Company upped their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Citigroup upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Royal Bank Of Canada upped their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.29.

Insider Buying and Selling at Bank of America

In related 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 value 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 approximately $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 accessible through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Up 1.7%

Bank of America stock opened at $51.28 on Monday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The firm has a 50 day moving average price of $50.11 and a 200-day moving average price of $45.88. The company has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.95 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the firm earned $0.81 EPS. The company’s revenue was up 10.8% 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 business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders 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 dividend on an annualized basis 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 currently 30.52%.

Bank of America declared that its board has approved a stock buyback 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 purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

About Bank of America

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.