Fortis Capital Advisors LLC Has $395,000 Stake in Bank of America Corporation $BAC

Fortis Capital Advisors LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 9.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,344 shares of the financial services provider’s stock after selling 850 shares during the period. Fortis Capital Advisors LLC’s holdings in Bank of America were worth $395,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Signal Advisors Wealth LLC boosted its stake in shares of Bank of America by 7.7% in the 1st quarter. Signal Advisors Wealth LLC now owns 36,521 shares of the financial services provider’s stock valued at $1,524,000 after purchasing an additional 2,613 shares in the last quarter. Stablepoint Partners LLC boosted its stake in shares of Bank of America by 13.5% in the 1st quarter. Stablepoint Partners LLC now owns 9,120 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 1,087 shares in the last quarter. Sard Wealth Management Group LLC boosted its stake in shares of Bank of America by 10.4% in the 1st quarter. Sard Wealth Management Group LLC now owns 5,633 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 530 shares in the last quarter. Finally, Udine Wealth Management Inc. boosted its stake in shares of Bank of America by 6.5% in the 1st quarter. Udine Wealth Management Inc. now owns 217,833 shares of the financial services provider’s stock valued at $9,090,000 after purchasing an additional 13,286 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.3%

Shares of NYSE BAC opened at $50.63 on Friday. 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 Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a 50 day simple moving average of $49.37 and a 200 day simple moving average of $45.28. The firm has a market cap of $374.98 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly 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. 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 during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business earned $0.83 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. TD Cowen raised their price target on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group raised their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a report on Friday. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a report on Saturday, September 27th. Nineteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.38.

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.