Bank of America Corporation $BAC Shares Sold by Creative Financial Designs Inc. ADV

Creative Financial Designs Inc. ADV lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 29.6% in the second quarter, HoldingsChannel reports. The fund owned 25,270 shares of the financial services provider’s stock after selling 10,634 shares during the quarter. Creative Financial Designs Inc. ADV’s holdings in Bank of America were worth $1,196,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Deutsche Bank AG increased its position in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment increased its position in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $164,623,000. Maverick Capital Ltd. acquired a new stake in Bank of America during the 1st quarter worth approximately $152,098,000. Finally, AMF Tjanstepension AB increased its position in Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Citigroup upped their price target on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Phillip Securities upped their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Stock Performance

Bank of America stock opened at $53.55 on Friday. The stock has a market cap of $396.63 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. 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 stock has a 50 day moving average of $51.03 and a 200-day moving average of $46.96. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.64.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 EPS. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

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

Bank of America 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.