RMR Wealth Builders Sells 1,266 Shares of Bank of America Corporation $BAC

RMR Wealth Builders cut its holdings in Bank of America Corporation (NYSE:BAC) by 5.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,166 shares of the financial services provider’s stock after selling 1,266 shares during the period. RMR Wealth Builders’ holdings in Bank of America were worth $1,002,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after acquiring an additional 803,570 shares during the last quarter. Deutsche Bank AG lifted its position in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Bank of America by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock worth $1,981,816,000 after acquiring an additional 5,092,504 shares during the last quarter. Amundi lifted its position in Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $50.60 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $374.79 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $50.96. The firm’s 50-day moving average price is $48.13 and its two-hundred day moving average price is $44.28.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm 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 company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BAC shares. Oppenheimer boosted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 30th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. The Goldman Sachs Group increased their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Finally, Citigroup increased their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.39.

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.