Chilton Capital Management LLC Sells 36,641 Shares of Bank of America Corporation $BAC

Chilton Capital Management LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 12.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 257,047 shares of the financial services provider’s stock after selling 36,641 shares during the period. Chilton Capital Management LLC’s holdings in Bank of America were worth $12,163,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC bought a new stake in Bank of America during the second quarter valued at about $217,000. Nicholas Hoffman & Company LLC. lifted its position in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC lifted its position in shares of Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in shares of Bank of America during the second quarter worth about $287,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bank of America 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 sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Truist Financial increased their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Argus boosted their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Barclays upped their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Twenty-three equities 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.23.

Bank of America Price Performance

Bank of America stock opened at $52.44 on Friday. The stock has a market cap of $388.38 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The firm has a 50-day moving average of $50.58 and a two-hundred day moving average of $46.39. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. 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 (NYSE:BAC) last issued 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. The business had revenue of $28.09 billion during 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%.Bank of America’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Dividend Announcement

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

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.