ProShare Advisors LLC Trims Position in Bank of America Corporation $BAC

ProShare Advisors LLC trimmed its stake in Bank of America Corporation (NYSE:BAC) by 7.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,518,301 shares of the financial services provider’s stock after selling 114,137 shares during the period. ProShare Advisors LLC’s holdings in Bank of America were worth $71,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Seaport Global Securities increased their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. UBS Group lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, Daiwa Capital Markets upped their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Price Performance

NYSE BAC opened at $53.41 on Tuesday. The firm’s fifty day simple moving average is $51.38 and its two-hundred day simple moving average is $47.73. The firm has a market capitalization of $390.03 billion, a P/E ratio of 14.55, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.99.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS 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 $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the business posted $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Bank of America declared that its board has initiated 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 reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.