Pinion Investment Advisors LLC Reduces Stake in Bank of America Corporation $BAC

Pinion Investment Advisors LLC decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,130 shares of the financial services provider’s stock after selling 280 shares during the quarter. Pinion Investment Advisors LLC’s holdings in Bank of America were worth $337,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Bank of America by 8.2% during the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after purchasing an additional 8,435 shares in the last quarter. Trueblood Wealth Management LLC acquired a new position in shares of Bank of America during the first quarter worth about $214,000. Baker Ellis Asset Management LLC lifted its stake in shares of Bank of America by 11.9% in the first quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock worth $677,000 after acquiring an additional 1,730 shares in the last quarter. Finally, Simon Quick Advisors LLC lifted its stake in shares of Bank of America by 11.8% in the first quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock worth $18,576,000 after acquiring an additional 47,036 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

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 value 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 $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on BAC shares. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Finally, TD Cowen boosted their price target on Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $54.11.

Bank of America Stock Down 0.3%

NYSE:BAC opened at $49.71 on Friday. The firm has a market capitalization of $368.20 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The stock has a 50 day moving average of $49.55 and a 200-day moving average of $45.46. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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 analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.83 earnings per share. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend 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%.

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.