Brightworth lessened its stake in Bank of America Corp (NYSE:BAC) by 42.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,140 shares of the financial services provider’s stock after selling 6,700 shares during the quarter. Brightworth’s holdings in Bank of America were worth $258,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. McKinley Carter Wealth Services Inc. acquired a new position in shares of Bank of America in the 1st quarter valued at $105,000. Ballew Advisors Inc acquired a new position in shares of Bank of America in the 1st quarter valued at $129,000. Whitnell & Co. acquired a new position in shares of Bank of America in the 2nd quarter valued at $134,000. Avestar Capital LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $135,000. Finally, Well Done LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $136,000. Institutional investors own 66.88% of the company’s stock.

NYSE:BAC opened at $30.74 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. The firm has a market cap of $319.50 billion, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.54 and a beta of 1.29. Bank of America Corp has a twelve month low of $22.75 and a twelve month high of $33.05.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.06. The business had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The business’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 EPS. sell-side analysts forecast that Bank of America Corp will post 2.53 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be issued a dividend of $0.15 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.95%. Bank of America’s payout ratio is presently 26.23%.

Bank of America declared that its board has authorized a stock buyback plan on Thursday, June 28th that allows the company to buyback $20.60 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Separately, Citigroup lifted their price target on shares of Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, April 24th. Nine research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $32.37.

In related news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the transaction, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.10% of the company’s stock.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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