Canopy Partners LLC Sells 494 Shares of Bank of America Corporation $BAC

Canopy Partners LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,224 shares of the financial services provider’s stock after selling 494 shares during the period. Canopy Partners LLC’s holdings in Bank of America were worth $1,619,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Nova Wealth Management Inc. raised its stake in 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 valued at $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC bought a new stake in Bank of America in the 2nd quarter valued at $28,000. Cloud Capital Management LLC bought a new stake in Bank of America in the 1st quarter valued at $40,000. HighMark Wealth Management LLC raised its stake in Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 743 shares during the period. Finally, Highline Wealth Partners LLC raised its stake in Bank of America by 37.1% in the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 313 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $50.22 on Wednesday. The firm has a market cap of $371.95 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The business’s fifty day moving average is $49.46 and its 200-day moving average is $45.39.

Bank of America (NYSE:BAC) last released its earnings results 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 company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is 32.75%.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Oppenheimer decreased their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, September 23rd. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. HSBC upped their price objective on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Finally, Seaport Global Securities upped their price objective on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday. Twenty investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.30% of the stock is owned by company insiders.

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.