Bank of America Corporation $BAC Stock Holdings Lowered by NWF Advisory Services Inc.

Key Points

• NWF Advisory Services reduced its Bank of America stake by 4.6% in the first quarter, selling 9,509 shares and leaving it with 196,788 shares valued at about $9.59 million.
• Several large institutional investors have recently increased or initiated major positions in BAC, and institutions and hedge funds now own 70.71% of the company’s shares.
• Bank of America reported better-than-expected quarterly results, including $1.11 EPS versus $1.00 expected and revenue up 10.7% year over year, while analysts maintain a consensus rating of Moderate Buy with a $62.19 target price.

NWF Advisory Services Inc. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 4.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 196,788 shares of the financial services provider's stock after selling 9,509 shares during the period. Bank of America comprises approximately 1.1% of NWF Advisory Services Inc.'s investment portfolio, making the stock its 22nd biggest position. NWF Advisory Services Inc.'s holdings in Bank of America were worth $9,593,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter worth $4,774,210,000. Capital International Investors acquired a new position in shares of Bank of America in the 4th quarter valued at $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the period. Vanguard Group Inc. increased its stake in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. increased its stake in Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock worth $1,380,239,000 after purchasing an additional 22,621,546 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America expanded its regional investment banking business by hiring nine senior bankers across major U.S. markets, a move that should strengthen its middle-market coverage and support fee growth over time. Reuters article
• Positive Sentiment: Several previews suggest Bank of America could benefit from strong trading, investment banking, and wealth-management activity, with analysts expecting a broadly favorable second-quarter bank earnings season. Investor's Business Daily article
• Positive Sentiment: Bank of America’s own consumer data showed strong June card spending and wage gains, reinforcing the view that its retail banking base remains resilient heading into earnings. Yahoo Finance article
• Positive Sentiment: Valuation screens highlighted BAC as the most attractive of the major banks, which may be helping support the stock as investors look for a relative-value play ahead of results. 247WallSt article

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Evercore set a $63.00 price objective on shares of Bank of America and gave the company an "outperform" rating in a research note on Monday, July 6th. Citigroup lifted their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. UBS Group boosted their price target on shares of Bank of America from $63.00 to $68.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Finally, Robert W. Baird lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.19.

Bank of America Trading Down 0.3%

Shares of NYSE:BAC opened at $59.49 on Tuesday. The firm has a fifty day moving average of $54.62 and a two-hundred day moving average of $52.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $60.83. The firm has a market capitalization of $422.18 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Bank of America's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities analysts expect that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's payout ratio is 27.72%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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