Bank of America Corporation $BAC Shares Sold by Baugh & Associates LLC

Key Points

• Baugh & Associates LLC reduced its stake in Bank of America by 4.4%, selling 6,650 shares and now holding 142,996 shares worth approximately $6.16 million.
• Bank of America recently increased its quarterly dividend to $0.28 per share, up from $0.26, with a dividend yield of 2.1%.
• Analyst ratings for Bank of America are mixed, with 16 analysts rating it as a Buy and 5 as a Hold, while the average target price is set at $50.82.

Baugh & Associates LLC lowered its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 142,996 shares of the financial services provider's stock after selling 6,650 shares during the period. Bank of America comprises 3.2% of Baugh & Associates LLC's portfolio, making the stock its 12th largest holding. Baugh & Associates LLC's holdings in Bank of America were worth $6,158,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Centurion Wealth Management LLC grew its holdings in Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider's stock valued at $467,000 after buying an additional 225 shares during the last quarter. Nova Wealth Management Inc. increased its position in Bank of America by 75.2% during the 2nd 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. Cape Investment Advisory Inc. raised its stake in Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock valued at $524,000 after purchasing an additional 238 shares during the last quarter. Menard Financial Group LLC raised its stake in Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after purchasing an additional 240 shares during the last quarter. Finally, Maia Wealth LLC lifted its holdings in Bank of America by 1.4% in the 1st quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock valued at $723,000 after purchasing an additional 240 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Phillip Securities downgraded shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Morgan Stanley boosted their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Wells Fargo & Company increased their target price on Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $50.82.

Bank of America Trading Up 0.3%

BAC opened at $52.27 on Friday. The firm's 50 day moving average is $48.55 and its 200-day moving average is $44.53. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.66. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $387.16 billion, a P/E ratio of 15.28, a P/E/G ratio of 2.03 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the business earned $0.83 EPS. The business's revenue was up 4.3% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's dividend payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider 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 document filed with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company's stock.

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.

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