Bank of America Corporation $BAC Stock Position Reduced by Rise Advisors LLC

Rise Advisors LLC trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 3.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 12,034 shares of the financial services provider’s stock after selling 453 shares during the quarter. Rise Advisors LLC’s holdings in Bank of America were worth $569,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in BAC. Brighton Jones LLC grew its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG grew its position in Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after acquiring an additional 226,246 shares in the last quarter. Strive Asset Management LLC bought a new stake in Bank of America in the fourth quarter worth approximately $896,000. Stonebrook Private Inc. grew its position in Bank of America by 4.5% in the fourth quarter. Stonebrook Private Inc. now owns 18,503 shares of the financial services provider’s stock worth $813,000 after acquiring an additional 804 shares in the last quarter. Finally, TrinityPoint Wealth LLC grew its position in Bank of America by 1.5% in the fourth quarter. TrinityPoint Wealth LLC now owns 37,137 shares of the financial services provider’s stock worth $1,632,000 after acquiring an additional 544 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BAC shares. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. 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. Robert W. Baird restated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Citigroup boosted 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. Finally, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $50.39.

Bank of America Price Performance

NYSE:BAC opened at $50.60 on Monday. The stock has a market cap of $374.79 billion, a P/E ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.96. The company has a fifty day moving average price of $48.13 and a 200 day moving average price of $44.28. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

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 firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.83 EPS. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

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

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.