Roffman Miller Associates Inc. PA Sells 94,833 Shares of Bank of America Corporation $BAC

Roffman Miller Associates Inc. PA trimmed its position in Bank of America Corporation (NYSE:BAC) by 14.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 546,516 shares of the financial services provider’s stock after selling 94,833 shares during the period. Bank of America accounts for 1.5% of Roffman Miller Associates Inc. PA’s investment portfolio, making the stock its 25th biggest position. Roffman Miller Associates Inc. PA’s holdings in Bank of America were worth $25,861,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Quaker Wealth Management LLC increased its stake in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. grew its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the second quarter worth about $28,000. CGC Financial Services LLC increased its position in shares of Bank of America by 585.4% in the second 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 during the last quarter. Finally, Acima Private Wealth LLC purchased a new stake in Bank of America in the second quarter valued at approximately $33,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on BAC. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Wells Fargo & Company raised their target price on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Seaport Global Securities boosted their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Price Performance

Shares of NYSE BAC opened at $53.56 on Tuesday. The company has a 50 day simple moving average of $51.11 and a two-hundred day simple moving average of $47.20. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.64. The company has a market capitalization of $396.73 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 1.99 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.

Bank of America (NYSE:BAC) last issued 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 firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the firm posted $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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

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 outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors 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.