Studio Investment Management LLC Cuts Stock Holdings in Bank of America Corporation $BAC

Studio Investment Management LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 0.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,532 shares of the financial services provider’s stock after selling 231 shares during the period. Studio Investment Management LLC’s holdings in Bank of America were worth $2,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Retirement Planning Group LLC grew its position in shares of Bank of America by 48.1% in the second quarter. Retirement Planning Group LLC now owns 10,890 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 3,535 shares in the last quarter. Blume Capital Management Inc. grew its position in shares of Bank of America by 2.1% in the second quarter. Blume Capital Management Inc. now owns 252,379 shares of the financial services provider’s stock valued at $11,943,000 after purchasing an additional 5,230 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in shares of Bank of America by 0.7% in the second quarter. Cullen Frost Bankers Inc. now owns 990,527 shares of the financial services provider’s stock valued at $46,872,000 after purchasing an additional 6,590 shares in the last quarter. Fiduciary Family Office LLC grew its position in shares of Bank of America by 8.7% in the second quarter. Fiduciary Family Office LLC now owns 38,670 shares of the financial services provider’s stock valued at $1,830,000 after purchasing an additional 3,101 shares in the last quarter. Finally, IMG Wealth Management Inc. grew its position in shares of Bank of America by 130.9% in the second quarter. IMG Wealth Management Inc. now owns 4,775 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 2,707 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on BAC. Wells Fargo & Company upped their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada increased their price objective on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Finally, Truist Financial increased their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $57.23.

Bank of America Stock Down 1.0%

NYSE:BAC opened at $51.52 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s fifty day moving average is $50.31 and its two-hundred day moving average is $46.04. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market capitalization of $381.58 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.98 and a beta of 1.33.

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

Bank of America announced that its Board of Directors has initiated a stock repurchase plan 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 plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

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.