Chemistry Wealth Management LLC Lowers Stock Holdings in Bank of America Corporation $BAC

Chemistry Wealth Management LLC reduced its position in Bank of America Corporation (NYSE:BAC) by 6.8% in the 2nd quarter, Holdings Channel reports. The fund owned 83,980 shares of the financial services provider’s stock after selling 6,079 shares during the period. Bank of America makes up about 0.9% of Chemistry Wealth Management LLC’s investment portfolio, making the stock its 21st biggest position. Chemistry Wealth Management LLC’s holdings in Bank of America were worth $3,974,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after acquiring an additional 803,570 shares during the period. Deutsche Bank AG boosted its holdings in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Bank of America by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock valued at $1,981,816,000 after purchasing an additional 5,092,504 shares during the last quarter. Amundi boosted its holdings in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $50.60 on Monday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $50.96. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. The company’s fifty day moving average price is $48.13 and its two-hundred day moving average price is $44.28.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the business posted $0.83 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share repurchase 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 buy up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

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

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated 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 sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BAC shares. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and lifted their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. Robert W. Baird restated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Citigroup lifted their target price on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Finally, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $50.39.

About Bank of America

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.