Bank of America Corporation $BAC Shares Sold by Gables Capital Management Inc.

Key Points

• Gables Capital Management Inc. reduced its position in Bank of America by 10.5%, selling 10,793 shares during the 2nd quarter, leaving them with 92,001 shares valued at approximately $4.35 million.
• Bank of America received several upgraded price targets from analysts, with Citigroup raising theirs from $58.00 to $62.00 and Truist Financial from $51.00 to $56.00, indicating a positive outlook on the stock.
• Insider James P. Demare sold 148,391 shares at an average price of $45.57, resulting in a 39.91% decrease in his holdings, which has raised concerns about insider confidence in the stock.

Gables Capital Management Inc. decreased its position in Bank of America Corporation (NYSE:BAC) by 10.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 92,001 shares of the financial services provider's stock after selling 10,793 shares during the quarter. Bank of America comprises about 2.1% of Gables Capital Management Inc.'s holdings, making the stock its 9th largest position. Gables Capital Management Inc.'s holdings in Bank of America were worth $4,353,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC increased its stake in shares of 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 acquiring an additional 24,740 shares during the last quarter. Disciplined Investments LLC acquired a new position in shares of Bank of America during the 2nd quarter valued at about $217,000. Nicholas Hoffman & Company LLC. increased its stake in shares of 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 acquiring an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC increased its stake in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock valued at $306,000 after acquiring an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC acquired a new position in shares of Bank of America during the 2nd quarter valued at about $287,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Citigroup upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, October 16th. Piper Sandler upped their price objective on shares of Bank of America from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday, October 16th. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $57.23.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 1.0%

Shares of NYSE:BAC opened at $51.52 on Wednesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The stock has a market capitalization of $381.58 billion, a P/E ratio of 14.04, a PEG ratio of 1.98 and a beta of 1.33. The stock has a 50-day simple moving average of $50.31 and a 200-day simple moving average of $46.04.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analysts' expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company's revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has authorized a share buyback 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 reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

About Bank of America

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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