Inspirion Wealth Advisors LLC Has $422,000 Position in Bank of America Corporation $BAC

Key Points

• Inspirion Wealth Advisors LLC significantly reduced its stake in Bank of America, cutting holdings by 55.2% during the second quarter, bringing their total shares to 8,928, worth $422,000.
• The company recently approved a $40 billion share repurchase program, indicating confidence in its stock value, while also increasing its quarterly dividend to $0.28 per share.
• Bank of America reported a Q2 EPS of $0.89, surpassing estimates, and a 4.3% increase in revenue year-over-year, reflecting solid financial performance amid market pressures.

Inspirion Wealth Advisors LLC cut its holdings in Bank of America Corporation (NYSE:BAC) by 55.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,928 shares of the financial services provider's stock after selling 11,012 shares during the period. Inspirion Wealth Advisors LLC's holdings in Bank of America were worth $422,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its stake in shares of 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 worth $25,000 after acquiring an additional 227 shares during the last quarter. Vega Investment Solutions bought a new stake in Bank of America in the 4th quarter valued at $30,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America during the 4th quarter worth about $38,000. Mascagni Wealth Management Inc. acquired a new position in shares of Bank of America during the fourth quarter valued at about $40,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America in the first quarter valued at about $40,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $50.68 on Wednesday. The firm has a 50 day simple moving average of $48.24 and a 200 day simple moving average of $44.36. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $51.09. 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 firm has a market cap of $375.38 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.96 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The company 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 for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America's payout ratio is 32.75%.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company's stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BAC shares. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Oppenheimer boosted their price objective 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. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.61.

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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