Bank of America Corporation $BAC Shares Sold by Central Valley Advisors LLC

Central Valley Advisors LLC lessened its position in Bank of America Corporation (NYSE:BAC) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 25,770 shares of the financial services provider’s stock after selling 268 shares during the quarter. Central Valley Advisors LLC’s holdings in Bank of America were worth $1,219,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Nova Wealth Management Inc. increased its holdings in shares of 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 worth $25,000 after acquiring an additional 227 shares during the period. Vega Investment Solutions bought a new position in shares of Bank of America during the 4th quarter valued at about $30,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $38,000. Mascagni Wealth Management Inc. bought a new position in shares of Bank of America during the 4th quarter valued at about $40,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America 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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Trading Up 0.2%

NYSE:BAC opened at $50.68 on Wednesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $51.09. The firm has a market cap of $375.38 billion, a price-to-earnings ratio of 14.82, a P/E/G ratio of 1.96 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company’s 50 day moving average is $48.24 and its 200-day moving average is $44.36.

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

Bank of America announced that its board has authorized a share buyback program 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 programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Truist Financial raised their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Finally, Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $50.61.

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.