Bank of America Corporation $BAC Stock Holdings Reduced by apricus wealth LLC

Key Points

• Apricus Wealth LLC reduced its holdings in Bank of America by 6.2%, now owning 81,790 shares worth approximately $3.87 million, making it the 9th largest position in their investment portfolio.
• Bank of America reported earnings of $1.06 per share, surpassing expectations and demonstrating a year-over-year revenue increase of 10.8% to $28.09 billion.
• The company authorized a $40 billion share buyback program, indicating management's belief that its shares are undervalued, and it recently increased its quarterly dividend from $0.26 to $0.28.

apricus wealth LLC decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 6.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,790 shares of the financial services provider's stock after selling 5,390 shares during the period. Bank of America comprises approximately 2.3% of apricus wealth LLC's investment portfolio, making the stock its 9th biggest holding. apricus wealth LLC's holdings in Bank of America were worth $3,870,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its position in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider's stock valued at $4,654,000 after acquiring an additional 8,435 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Bank of America by 64.9% in the first quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider's stock worth $231,000 after acquiring an additional 2,179 shares during the period. Ridgecrest Wealth Partners LLC increased its position in shares of Bank of America by 16.8% in the first quarter. Ridgecrest Wealth Partners LLC now owns 13,882 shares of the financial services provider's stock valued at $579,000 after buying an additional 2,000 shares in the last quarter. Finally, Live Oak Private Wealth LLC grew its position in shares of Bank of America by 0.9% in the first quarter. Live Oak Private Wealth LLC now owns 377,203 shares of the financial services provider's stock valued at $15,741,000 after purchasing an additional 3,549 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.4%

Shares of NYSE:BAC opened at $52.02 on Tuesday. The stock has a market cap of $385.32 billion, a P/E ratio of 14.17, a P/E/G ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The firm has a fifty day moving average price of $50.23 and a 200 day moving average price of $46.00. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is presently 30.52%.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction on 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. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada lifted their target price on shares of Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, October 1st. Evercore ISI lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Thursday, October 16th. HSBC boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Finally, Robert W. Baird reissued a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $57.29.

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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