Envestnet Portfolio Solutions Inc. Has $21.87 Million Stake in Bank of America Corporation $BAC

Key Points

• Envestnet Portfolio Solutions Inc. has reduced its stake in Bank of America by 2.6%, holding approximately $21.87 million worth of shares after selling 12,506 shares during the second quarter.
• Several brokerages have recently upgraded their price targets for Bank of America, with Goldman Sachs raising it from $56.00 to $59.00 and Citigroup from $54.00 to $58.00, both giving the stock a "buy" rating.
• Bank of America has increased its quarterly dividend from $0.26 to $0.28, representing a 2.3% yield, alongside a share repurchase plan authorizing $40 billion in buybacks.

Envestnet Portfolio Solutions Inc. reduced its position in Bank of America Corporation (NYSE:BAC) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 462,181 shares of the financial services provider's stock after selling 12,506 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Bank of America were worth $21,870,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Wealth Advisory Solutions LLC lifted its position in Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider's stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Cyndeo Wealth Partners LLC lifted its position in Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider's stock valued at $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC lifted its position in Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider's stock valued at $467,000 after purchasing an additional 225 shares during the last quarter. Nova Wealth Management Inc. lifted its position in Bank of America by 75.2% in the second 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 last quarter. Finally, Cape Investment Advisory Inc. lifted its position in Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock valued at $524,000 after purchasing an additional 238 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BAC. The Goldman Sachs Group boosted their price objective on Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. Citigroup boosted their target price on Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, September 19th. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the company a "buy" rating in a research note on Monday, October 6th. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of America in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their target price on Bank of America from $51.00 to $55.00 and gave the company an "overweight" rating in a research note on Friday. Twenty-one research 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, the stock has an average rating of "Moderate Buy" and a consensus target price of $54.64.

Bank of America Price Performance

Shares of BAC stock opened at $48.62 on Monday. The stock has a market cap of $360.12 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.89 and a beta of 1.33. The business's fifty day moving average is $49.61 and its 200 day moving average is $45.54. 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.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America's payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other 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 directly 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 document filed with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

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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