Glass Wealth Management Co LLC Has $4.26 Million Stock Position in Bank of America Corporation $BAC

Key Points

• Glass Wealth Management Co LLC reduced its stake in Bank of America by 7.4%, holding 89,967 shares worth approximately $4.26 million, making it the 14th largest holding for the firm.
• Bank of America declared a quarterly dividend of $0.28 per share, an increase from the previous $0.26, reflecting an annualized yield of 2.2%.
• The company announced a $40 billion stock buyback program, allowing the repurchase of up to 11.1% of its shares, a sign of confidence from the board in the stock's valuation.

Glass Wealth Management Co LLC lowered its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 7.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 89,967 shares of the financial services provider's stock after selling 7,155 shares during the period. Bank of America makes up 2.3% of Glass Wealth Management Co LLC's holdings, making the stock its 14th biggest holding. Glass Wealth Management Co LLC's holdings in Bank of America were worth $4,257,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Nova Wealth Management Inc. grew 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 acquiring an additional 227 shares during the last quarter. Cloud Capital Management LLC bought a new stake in shares of Bank of America during the 1st quarter valued at approximately $40,000. HighMark Wealth Management LLC increased its position in Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock worth $43,000 after purchasing an additional 743 shares in the last quarter. Highline Wealth Partners LLC lifted its stake in Bank of America by 37.1% in the 1st quarter. Highline Wealth Partners LLC now owns 1,157 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 313 shares during the last quarter. Finally, MorganRosel Wealth Management LLC acquired a new stake in Bank of America in the first quarter valued at approximately $50,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.3%

NYSE BAC opened at $50.63 on Monday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The stock has a market capitalization of $374.98 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business's 50-day moving average is $49.37 and its 200 day moving average is $45.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data 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 business had revenue of ($22,273.00) million during 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 business's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $0.83 EPS. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. This is an increase 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 presently 32.75%.

Bank of America announced that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. TD Cowen raised their price objective on shares of Bank of America from $54.00 to $59.00 and gave the company a "buy" rating in a report on Friday. Royal Bank Of Canada lifted their target price on shares of Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 1st. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Finally, Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Nineteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $53.38.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction on 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 transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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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