Baldwin Wealth Partners LLC MA Has $6.87 Million Stock Position in Bank of America Corporation $BAC

Key Points

• Baldwin Wealth Partners LLC MA decreased its stake in Bank of America by 15.7% during the 2nd quarter, holding 145,104 shares valued at approximately $6.87 million.
• Bank of America recently announced a $40 billion share buyback program, allowing for the reacquisition of up to 11.1% of its shares, indicating confidence in its stock value.
• The company has increased its quarterly dividend from $0.26 to $0.28 per share, representing an annualized yield of 2.3% and a payout ratio of 32.75%.

Baldwin Wealth Partners LLC MA reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 15.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,104 shares of the financial services provider's stock after selling 27,025 shares during the quarter. Baldwin Wealth Partners LLC MA's holdings in Bank of America were worth $6,866,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock valued at $12,288,000 after purchasing an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. raised its stake in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC increased its holdings in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock valued at $306,000 after buying an additional 439 shares during the period. Prosperity Wealth Management Inc. bought a new stake in Bank of America in the 1st quarter valued at $998,000. Finally, Alpha Cubed Investments LLC increased its holdings in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after buying an additional 17,619 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 0.3%

BAC opened at $49.71 on Friday. The firm's 50-day simple moving average is $49.55 and its 200-day simple moving average is $45.46. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The firm has a market cap of $368.20 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results 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. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the firm earned $0.83 EPS. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share repurchase program 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 shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 32.75%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of America in a report on Wednesday. Wolfe Research boosted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an "outperform" rating in a report on Tuesday. The Goldman Sachs Group boosted their price target on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a report on Friday, October 3rd. Robert W. Baird reissued a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Finally, Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.11.

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.

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