Prosperity Consulting Group LLC Sells 13,960 Shares of Bank of America Corporation (NYSE:BAC)

Key Points

• Prosperity Consulting Group LLC reduced its stake in Bank of America by 18.7%, selling 13,960 shares and now holding 60,646 shares valued at approximately $2.53 million.
• Bank of America announced a $40 billion share buyback program to purchase up to 11.1% of its outstanding shares, signaling confidence in its stock valuation.
• The company declared an increased quarterly dividend of $0.28 per share, up from $0.26, representing a yield of 2.31% and a payout ratio of 32.75%.

Prosperity Consulting Group LLC cut its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 18.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 60,646 shares of the financial services provider's stock after selling 13,960 shares during the quarter. Prosperity Consulting Group LLC's holdings in Bank of America were worth $2,531,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of BAC. Vega Investment Solutions acquired a new stake in Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC acquired a new stake in Bank of America in the fourth quarter worth approximately $34,000. Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares during the period. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Bank of America during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BAC shares. Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Truist Financial increased their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Robert W. Baird restated a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company's stock. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $50.13.

Bank of America Trading Down 1.1%

BAC traded down $0.51 on Thursday, hitting $47.46. The company had a trading volume of 16,347,475 shares, compared to its average volume of 42,819,867. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $49.31. The firm has a market cap of $357.43 billion, a P/E ratio of 13.88, a PEG ratio of 1.87 and a beta of 1.30. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company's fifty day moving average price is $46.14 and its 200 day moving average price is $43.80.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the company earned $0.83 earnings per share. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock 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 repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.36%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's payout ratio is presently 32.75%.

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.