Sfmg LLC Has $398,000 Stake in Bank of America Corporation $BAC

Sfmg LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 21.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,413 shares of the financial services provider’s stock after selling 2,305 shares during the quarter. Sfmg LLC’s holdings in Bank of America were worth $398,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Nova Wealth Management Inc. raised its holdings 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 during the period. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% during 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 bought a new position in Bank of America during the second quarter worth about $28,000. CGC Financial Services LLC lifted its holdings in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in Bank of America in the second quarter valued at about $33,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Seaport Global Securities raised their price target on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft increased their target price 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. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Citigroup upped their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Trading Up 1.1%

NYSE:BAC opened at $51.54 on Friday. The company has a market cap of $376.37 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The business has a 50 day moving average price of $51.76 and a two-hundred day moving average price of $48.43. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

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.