Mosaic Family Wealth Partners LLC Cuts Stake in Bank of America Corporation $BAC

Mosaic Family Wealth Partners LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 38,739 shares of the financial services provider’s stock after selling 1,246 shares during the period. Mosaic Family Wealth Partners LLC’s holdings in Bank of America were worth $1,833,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. raised its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC raised its stake in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC lifted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter worth $33,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $52.57 on Monday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69. The stock has a fifty day moving average of $51.63 and a 200 day moving average of $48.11. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $383.88 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the firm posted $0.81 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. On average, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Barclays increased their target price on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Daiwa Capital Markets lifted their price target on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Argus boosted their price objective on Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 target price (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.