Independent Advisor Alliance Lowers Stock Holdings in Bank of America Corporation (NYSE:BAC)

Independent Advisor Alliance trimmed its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 226,835 shares of the financial services provider's stock after selling 19,889 shares during the quarter. Independent Advisor Alliance's holdings in Bank of America were worth $9,466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 276 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in Bank of America in the 4th quarter valued at about $3,087,000. Finally, Seeds Investor LLC raised its position in Bank of America by 18.9% in the 4th quarter. Seeds Investor LLC now owns 11,223 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 1,781 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BAC shares. Oppenheimer increased their price target on Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and increased their price target for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Cowen began coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $50.13.

Bank of America Trading Up 2.5%

BAC opened at $46.03 on Monday. The firm has a market cap of $340.94 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 1.79 and a beta of 1.31. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The business's 50 day moving average is $46.43 and its two-hundred day moving average is $43.74. 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 announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the business posted $0.83 EPS. The company's revenue was up 4.3% on a year-over-year basis. On average, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. Bank of America's dividend payout ratio (DPR) is 30.41%.

Bank of America Company 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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