Bank of America Corporation $BAC Shares Sold by Hudson Valley Investment Advisors Inc. ADV

Key Points

• Hudson Valley Investment Advisors Inc. ADV reduced its stake in Bank of America Corporation by 8.3%, owning 81,758 shares valued at $3,869,000 after selling 7,385 shares in the 2nd quarter.
• Bank of America announced a $40 billion share buyback plan, allowing them to repurchase up to 11.1% of its shares, indicating management believes the stock is undervalued.
• The company recently increased its quarterly dividend from $0.26 to $0.28, reflecting a positive shift in financial performance, with a current dividend yield of 2.2%.

Hudson Valley Investment Advisors Inc. ADV reduced its position in Bank of America Corporation (NYSE:BAC - Free Report) by 8.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,758 shares of the financial services provider's stock after selling 7,385 shares during the period. Hudson Valley Investment Advisors Inc. ADV's holdings in Bank of America were worth $3,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in BAC. Nova Wealth Management Inc. lifted 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 purchasing an additional 227 shares during the period. Cloud Capital Management LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $40,000. HighMark Wealth Management LLC lifted its stake in shares of Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 743 shares during the period. Perkins Coie Trust Co lifted its stake in shares of Bank of America by 67.8% in the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 423 shares during the period. Finally, Cranbrook Wealth Management LLC lifted its stake in shares of 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 purchasing an additional 306 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $50.63 on Friday. The firm has a 50-day simple moving average of $49.37 and a 200-day simple moving average of $45.26. The stock has a market capitalization of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Insider Activity at Bank of America

In other 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 value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Citigroup boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, September 19th. 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. HSBC boosted their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "hold" rating in a report on Thursday. Evercore ISI boosted their price target on shares of Bank of America from $49.00 to $55.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, Royal Bank Of Canada boosted their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday. Nineteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $53.38.

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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