G&S Capital LLC Has $1.33 Million Stock Position in Bank of America Corporation $BAC

G&S Capital LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 50.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,007 shares of the financial services provider’s stock after selling 28,614 shares during the period. G&S Capital LLC’s holdings in Bank of America were worth $1,325,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of Bank of America during the first quarter valued at $40,000. HighMark Wealth Management LLC raised its stake in shares of Bank of America by 233.6% during the first 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 last quarter. Cranbrook Wealth Management LLC raised its stake in shares of Bank of America by 41.2% during the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 306 shares during the last quarter. Finally, Perkins Coie Trust Co raised its stake in shares of Bank of America by 67.8% during the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 423 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BAC shares. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Morgan Stanley raised their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. The Goldman Sachs Group lifted their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Finally, Truist Financial lifted their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.82.

Bank of America Trading Up 0.3%

BAC opened at $52.36 on Tuesday. The company has a market cap of $387.83 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34. The company has a fifty day moving average price of $49.16 and a two-hundred day moving average price of $45.05. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

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, beating analysts’ consensus estimates 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 revenue was up 4.3% on a year-over-year basis. During the same period last year, the company earned $0.83 earnings per share. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal 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 buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

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.