Hardy Reed LLC Decreases Stock Holdings in Bank of America Corporation $BAC

Hardy Reed LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 3.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,712 shares of the financial services provider’s stock after selling 308 shares during the quarter. Hardy Reed LLC’s holdings in Bank of America were worth $365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Cloud Capital Management LLC bought a new position in Bank of America in the first quarter worth approximately $40,000. HighMark Wealth Management LLC boosted its stake in shares of Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 743 shares during the last quarter. Highline Wealth Partners LLC increased its stake in shares of 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 worth $48,000 after purchasing an additional 313 shares in the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of Bank of America in the 1st quarter worth $50,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was 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 of the company’s stock, valued at approximately $10,180,656.99. This 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 accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Trading Down 0.6%

Bank of America stock opened at $50.36 on Tuesday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm’s 50 day moving average price is $49.42 and its 200-day moving average price is $45.35. 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 stock has a market cap of $373.01 billion, a P/E ratio of 14.73, a PEG ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The company 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%. Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the company posted $0.83 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a positive change 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 presently 32.75%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Oppenheimer cut their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. TD Cowen increased their target price on shares of Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company lifted their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Finally, Royal Bank Of Canada upped their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Nineteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.38.

Bank of America Company 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.