TRUE Private Wealth Advisors Reduces Stock Position in Bank of America Co. (NYSE:BAC)

TRUE Private Wealth Advisors lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.8% in the second quarter, Holdings Channel.com reports. The fund owned 12,411 shares of the financial services provider’s stock after selling 619 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Bank of America were worth $511,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Bank of America by 1.6% during the 1st quarter. Geode Capital Management LLC now owns 116,039,367 shares of the financial services provider’s stock valued at $4,476,618,000 after acquiring an additional 1,841,155 shares during the period. Bank of New York Mellon Corp raised its position in Bank of America by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 71,304,753 shares of the financial services provider’s stock valued at $2,758,781,000 after purchasing an additional 4,822,558 shares in the last quarter. Ameriprise Financial Inc. raised its position in Bank of America by 15.1% during the 1st quarter. Ameriprise Financial Inc. now owns 62,923,315 shares of the financial services provider’s stock valued at $2,434,589,000 after purchasing an additional 8,271,853 shares in the last quarter. Morgan Stanley raised its position in Bank of America by 5.4% during the 1st quarter. Morgan Stanley now owns 62,800,608 shares of the financial services provider’s stock valued at $2,429,754,000 after purchasing an additional 3,240,323 shares in the last quarter. Finally, Lazard Asset Management LLC raised its position in Bank of America by 3.9% during the 1st quarter. Lazard Asset Management LLC now owns 33,352,002 shares of the financial services provider’s stock valued at $1,290,387,000 after purchasing an additional 1,238,630 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Shares of NYSE:BAC traded up $0.11 during midday trading on Wednesday, hitting $39.95. The company had a trading volume of 242,142 shares, compared to its average volume of 49,445,723. Bank of America Co. has a twelve month low of $22.95 and a twelve month high of $43.49. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $336.18 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.72 and a beta of 1.55. The business’s 50-day simple moving average is $40.02 and its 200-day simple moving average is $40.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.77 by $0.26. The firm had revenue of $21.50 billion during the quarter, compared to analysts’ expectations of $21.77 billion. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.37 earnings per share. As a group, sell-side analysts forecast that Bank of America Co. will post 3.34 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 24th. Investors of record on Friday, September 3rd will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.10%. This is a positive change from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, September 2nd. Bank of America’s dividend payout ratio is presently 38.50%.

In related news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $39.98, for a total value of $3,198,400.00. Following the completion of the transaction, the insider now directly owns 337,006 shares in the company, valued at $13,473,499.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.22% of the company’s stock.

BAC has been the subject of several recent research reports. Evercore ISI reissued a “buy” rating and issued a $43.00 price target on shares of Bank of America in a research report on Friday, July 2nd. Keefe, Bruyette & Woods began coverage on Bank of America in a research report on Wednesday, July 7th. They issued a “market perform” rating and a $43.87 price target for the company. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Friday, June 18th. Royal Bank of Canada set a $37.69 target price on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, July 21st. Finally, Morgan Stanley boosted their target price on Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a research note on Thursday, July 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Buy” and a consensus price target of $40.42.

Bank of America Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

Further Reading: What is a growth and income fund?

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.