Bank of America Corporation $BAC Shares Sold by Capital Insight Partners LLC

Key Points

• Capital Insight Partners LLC decreased its holdings in Bank of America by 7.6%, owning 108,110 shares valued at approximately $5.1 million after selling 8,923 shares in the second quarter.
• Bank of America announced a quarterly dividend increase to $0.28, up from $0.26, with a current yield of 2.1%, indicating a robust growth in its payout structure.
• Analysts show mixed sentiments with sixteen giving a Buy rating and five a Hold rating, with Citigroup recently raising their price target from $54 to $58.

Capital Insight Partners LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 7.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,110 shares of the financial services provider's stock after selling 8,923 shares during the quarter. Capital Insight Partners LLC's holdings in Bank of America were worth $5,116,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in BAC. Nova Wealth Management Inc. boosted 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 acquiring an additional 227 shares during the period. Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter valued at about $40,000. Perkins Coie Trust Co lifted its holdings in Bank of America by 67.8% in the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider's stock worth $44,000 after purchasing an additional 423 shares during the period. Cranbrook Wealth Management LLC grew its position in Bank of America by 41.2% in the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider's stock valued at $44,000 after buying an additional 306 shares in the last quarter. Finally, HighMark Wealth Management LLC increased its stake in Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock valued at $43,000 after buying an additional 743 shares during the period. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Phillip Securities cut Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company boosted their price target on shares of 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 analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average price target of $50.92.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Bank of America Stock Performance

Bank of America stock opened at $52.21 on Monday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm's 50 day simple moving average is $49.07 and its 200-day simple moving average is $44.97. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market cap of $386.72 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping 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 firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business posted $0.83 EPS. The company's revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

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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