Bank of America Corporation $BAC Shares Sold by SOA Wealth Advisors LLC.

SOA Wealth Advisors LLC. cut its stake in Bank of America Corporation (NYSE:BAC) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,556 shares of the financial services provider’s stock after selling 317 shares during the quarter. SOA Wealth Advisors LLC.’s holdings in Bank of America were worth $689,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Advisory Solutions LLC raised its holdings in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 214 shares during the last quarter. Centurion Wealth Management LLC increased its stake in Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. lifted its position 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 during the period. Cape Investment Advisory Inc. grew its holdings in Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after buying an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. lifted its holdings in shares of Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 239 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Truist Financial increased their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. The Goldman Sachs Group set a $55.00 target price on Bank of America in a report on Tuesday. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $52.78.

Bank of America Price Performance

Shares of NYSE BAC opened at $50.67 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The business has a 50 day moving average price of $49.29 and a two-hundred day moving average price of $45.13. The firm has a market cap of $375.29 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.