Northwest Capital Management Inc Sells 659 Shares of Bank of America Corporation $BAC

Northwest Capital Management Inc lessened its position in Bank of America Corporation (NYSE:BAC) by 39.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,021 shares of the financial services provider’s stock after selling 659 shares during the period. Northwest Capital Management Inc’s holdings in Bank of America were worth $48,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nova Wealth Management Inc. lifted its stake in shares of 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 worth $25,000 after buying an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new position in Bank of America during the second quarter valued at approximately $28,000. Acima Private Wealth LLC bought a new position in Bank of America during the second quarter valued at approximately $33,000. Cloud Capital Management LLC bought a new position in Bank of America during the first quarter valued at 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 valued at $43,000 after purchasing an additional 743 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $48.86 on Tuesday. The firm has a fifty day moving average price of $49.67 and a 200-day moving average price of $45.59. 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 $361.93 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. 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, topping 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 company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.83 earnings per share. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

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

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction 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 completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wolfe Research increased their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada increased their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday. The Goldman Sachs Group upped their target price on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Citigroup upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $54.64.

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.