Carlton Hofferkamp & Jenks Wealth Management LLC Has $1.89 Million Stock Holdings in Bank of America Corporation $BAC

Carlton Hofferkamp & Jenks Wealth Management LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 1.1% during the 2nd quarter, Holdings Channel reports. The fund owned 39,369 shares of the financial services provider’s stock after selling 450 shares during the period. Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings in Bank of America were worth $1,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC raised its holdings 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 buying an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America during the 1st quarter worth $40,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BAC. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Evercore ISI boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Phillip Securities boosted their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday. Finally, The Goldman Sachs Group boosted their price objective on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.23.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred 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 completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Bank of America Stock Up 1.3%

Shares of Bank of America stock opened at $52.44 on Friday. The stock’s 50-day moving average is $50.58 and its 200 day moving average is $46.31. The firm has a market cap of $388.38 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88.

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 (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.