GS Investments Inc. Sells 943 Shares of Bank of America Corporation $BAC

GS Investments Inc. reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 2.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 32,210 shares of the financial services provider’s stock after selling 943 shares during the quarter. GS Investments Inc.’s holdings in Bank of America were worth $1,524,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BAC. Boston Common Asset Management LLC increased its holdings in shares of Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new stake in Bank of America in the 2nd quarter worth about $217,000. Nicholas Hoffman & Company LLC. raised its position in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC raised its position in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC bought a new position in Bank of America during the 2nd quarter valued at about $287,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $53.22 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.99. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $388.62 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. The business has a 50-day simple moving average of $51.33 and a two-hundred day simple moving average of $47.57.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the firm posted $0.81 EPS. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. The Goldman Sachs Group decreased their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 27th. TD Cowen increased their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company lifted their price objective on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, Oppenheimer upped their price objective on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

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.