Bank of America Corporation $BAC Shares Sold by Quilter Plc

Quilter Plc trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 1.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,544,330 shares of the financial services provider’s stock after selling 15,470 shares during the quarter. Bank of America makes up approximately 1.3% of Quilter Plc’s investment portfolio, making the stock its 28th largest position. Quilter Plc’s holdings in Bank of America were worth $73,078,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. boosted its holdings in shares of Bank of America by 75.2% during the 2nd 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 during the last quarter. Quaker Wealth Management LLC grew its holdings 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 valued at $25,000 after buying an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth $28,000. CGC Financial Services LLC boosted its position 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 valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America during the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $52.04 on Thursday. The business’s fifty day moving average price is $51.73 and its 200 day moving average price is $48.29. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $379.99 billion, a PE ratio of 14.18, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 EPS. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio is 30.52%.

Analyst Ratings Changes

BAC has been the topic of a number of analyst reports. Daiwa Capital Markets lifted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. TD Cowen increased their price objective on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. lifted their target price on Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Finally, HSBC increased their price target on 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 research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Company 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.