Verus Capital Partners LLC Sells 10,601 Shares of Bank of America Corporation $BAC

Verus Capital Partners LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 56.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,097 shares of the financial services provider’s stock after selling 10,601 shares during the quarter. Verus Capital Partners LLC’s holdings in Bank of America were worth $383,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Wealth Advisory Solutions LLC boosted its stake in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the period. Ballast Advisors LLC lifted its holdings in shares of Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after buying an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC boosted its position in shares of Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 221 shares during the last quarter. Centurion Wealth Management LLC grew its stake in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. increased 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 during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.7%

Shares of BAC opened at $54.03 on Thursday. The company’s fifty day simple moving average is $51.52 and its 200-day simple moving average is $47.87. The company has a market cap of $394.57 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69.

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 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 analysts’ expectations of $27.05 billion. During the same period in the previous year, the company earned $0.81 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America announced that its board has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BAC shares. Phillip Securities increased their price objective on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Oppenheimer raised their target price on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Daiwa Capital Markets boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Bank of America in a research report on Thursday, November 6th. Finally, HSBC boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

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.