Bank of America Corporation $BAC Stock Holdings Trimmed by City Center Advisors LLC

City Center Advisors LLC reduced its position in Bank of America Corporation (NYSE:BAC) by 33.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 7,475 shares of the financial services provider’s stock after selling 3,689 shares during the period. City Center Advisors LLC’s holdings in Bank of America were worth $354,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vega Investment Solutions bought a new stake in Bank of America in the fourth quarter valued at about $30,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $38,000. Mascagni Wealth Management Inc. bought a new position in shares of Bank of America during the fourth quarter valued at approximately $40,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America during the first quarter valued at approximately $40,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BAC shares. Citigroup upped their target price on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Oppenheimer upped their target price on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Morgan Stanley upped their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Truist Financial upped their target price on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Finally, The Goldman Sachs Group upped their target price on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.39.

Bank of America Stock Performance

Shares of NYSE BAC opened at $50.60 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a 50 day simple moving average of $48.13 and a 200-day simple moving average of $44.28. The company has a market cap of $374.79 billion, a PE ratio of 14.80, a P/E/G ratio of 1.97 and a beta of 1.34. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $50.96.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate 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 previous year, the firm posted $0.83 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Bank of America announced that its board has authorized a share 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 purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by company insiders.

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.