Bank of America Corporation $BAC Shares Sold by Greenwood Capital Associates LLC

Key Points

• Greenwood Capital Associates LLC reduced its holdings in Bank of America by 4.2%, ending the second quarter with approximately 120,710 shares valued at $5.71 million after selling 5,290 shares.
• Bank of America recently increased its quarterly dividend to $0.28 per share, representing a 2.2% yield, a rise from the prior dividend of $0.26.
• Analysts have mixed ratings on Bank of America, with 17 analysts rating it as a Buy and five as a Hold, having a consensus target price of $52.88.

Greenwood Capital Associates LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 120,710 shares of the financial services provider's stock after selling 5,290 shares during the period. Greenwood Capital Associates LLC's holdings in Bank of America were worth $5,712,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of BAC. Wealth Advisory Solutions LLC raised its stake in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider's stock worth $243,000 after purchasing an additional 214 shares in the last quarter. Centurion Wealth Management LLC raised its stake in shares of Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider's stock valued at $467,000 after acquiring an additional 225 shares in the last quarter. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Cape Investment Advisory Inc. increased its position 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 worth $524,000 after buying an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. increased its position in Bank of America by 3.9% in the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider's stock worth $303,000 after buying an additional 239 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. The Goldman Sachs Group set a $55.00 price objective on Bank of America in a report on Tuesday. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted their price objective on Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Royal Bank Of Canada boosted their price target on Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, HSBC upped their price target on Bank of America from $51.00 to $53.00 and gave the company a "hold" rating in a research report on Thursday. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $52.88.

Bank of America Trading Down 0.5%

NYSE:BAC opened at $50.44 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. 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 business has a 50 day moving average price of $49.33 and a two-hundred day moving average price of $45.19. The company has a market cap of $373.57 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.97 and a beta of 1.33.

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, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. The business's revenue was up 4.3% on a year-over-year basis. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 32.75%.

Bank of America announced that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company's stock.

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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