M.E. Allison & CO. Inc. Has $577,000 Stock Position in Bank of America Corporation $BAC

M.E. Allison & CO. Inc. reduced its position in Bank of America Corporation (NYSE:BAC) by 5.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 12,192 shares of the financial services provider’s stock after selling 693 shares during the period. M.E. Allison & CO. Inc.’s holdings in Bank of America were worth $577,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Nova Wealth Management Inc. lifted its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America during the second quarter worth approximately $28,000. Acima Private Wealth LLC acquired a new stake in Bank of America during the second quarter worth approximately $33,000. Cloud Capital Management LLC acquired a new stake in Bank of America during the first quarter worth approximately $40,000. Finally, HighMark Wealth Management LLC lifted its position in 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 worth $43,000 after acquiring an additional 743 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on BAC. Daiwa Capital Markets raised their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Evercore ISI lifted their price target on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $54.64.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider directly owned 223,407 shares of the company’s stock, 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 legal filing with the SEC, which is available through this link. 0.30% of the stock is owned by company insiders.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $48.62 on Monday. The company’s 50 day simple moving average is $49.61 and its 200 day simple moving average is $45.54. The stock has a market capitalization of $360.12 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. 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.

Bank of America (NYSE:BAC) last announced 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 business had revenue of ($22,273.00) million for 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 firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. As a group, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. 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 32.75%.

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

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.