Bank of America Corporation $BAC Position Trimmed by Accelerate Investment Advisors LLC

Accelerate Investment Advisors LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 21.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,430 shares of the financial services provider’s stock after selling 1,221 shares during the period. Accelerate Investment Advisors LLC’s holdings in Bank of America were worth $210,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. boosted its holdings in 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 buying an additional 227 shares in the last quarter. Vega Investment Solutions bought a new stake in Bank of America during the fourth quarter worth approximately $30,000. Spurstone Advisory Services LLC bought a new stake in Bank of America during the fourth quarter worth approximately $34,000. Wood Tarver Financial Group LLC bought a new stake in Bank of America during the fourth quarter worth approximately $38,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Bank of America during the fourth quarter worth approximately $40,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BAC shares. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Citigroup raised their price objective on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.39.

Bank of America Stock Down 0.3%

Bank of America stock opened at $50.60 on Friday. The company has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.97 and a beta of 1.34. The firm’s fifty day simple moving average is $48.13 and its 200-day simple moving average is $44.28. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $50.96.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.