Interchange Capital Partners LLC Sells 15,275 Shares of Bank of America Corporation $BAC

Key Points

• Interchange Capital Partners LLC significantly reduced its stake in Bank of America Corporation by 94.5%, selling 15,275 shares and leaving it with only 881 shares valued at $42,000.
• Bank of America has announced a new share repurchase plan allowing for the buyback of $40 billion in shares, indicating the board's confidence in the company's valuation.
• The bank recently reported a 10.8% increase in revenue to $28.09 billion and exceeded earnings per share estimates by $0.13, demonstrating strong financial performance.

Interchange Capital Partners LLC trimmed its stake in Bank of America Corporation (NYSE:BAC) by 94.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 881 shares of the financial services provider's stock after selling 15,275 shares during the period. Interchange Capital Partners LLC's holdings in Bank of America were worth $42,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% in the 2nd 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 in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC increased its position in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock valued at $29,000 after buying an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new position in Bank of America during the 2nd quarter valued at about $33,000. Finally, Cloud Capital Management LLC acquired a new position in Bank of America during the 1st quarter valued at about $40,000. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction dated 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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Bank of America Trading Up 4.3%

Shares of Bank of America stock opened at $52.26 on Thursday. 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 fifty day moving average price of $49.89 and a 200 day moving average price of $45.67. 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 cap of $387.06 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.94 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The company's revenue was up 10.8% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date 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 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Analysts Set New Price Targets

BAC has been the topic of several recent analyst reports. Evercore ISI upped their target price on Bank of America from $49.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday, September 30th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a research report on Saturday, October 11th. JPMorgan Chase & Co. upped their target price on Bank of America from $51.00 to $55.00 and gave the company an "overweight" rating in a research report on Friday, October 10th. UBS Group upped their target price on Bank of America from $55.00 to $57.00 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Finally, Truist Financial boosted their price target on Bank of America from $51.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $54.64.

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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