RDA Financial Network Sells 30,871 Shares of Bank of America Corporation $BAC

Key Points

• RDA Financial Network has cut its stake in Bank of America Corporation (BAC) by 59.1%, owning 21,331 shares worth approximately $1,009,000 after selling 30,871 shares during the second quarter.
• Bank of America announced an increase in its quarterly dividend from $0.26 to $0.28 per share, with the dividend yield estimated at 2.2%.
• Several hedge funds have shown interest in BAC, with Nicholas Hoffman & Company and International Assets Investment Management increasing their positions significantly during the first quarter.

RDA Financial Network decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 59.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,331 shares of the financial services provider's stock after selling 30,871 shares during the period. RDA Financial Network's holdings in Bank of America were worth $1,009,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Nicholas Hoffman & Company LLC. grew its holdings in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after acquiring an additional 33,963 shares during the period. Gradient Investments LLC grew its holdings in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after acquiring an additional 50,296 shares during the period. Prosperity Wealth Management Inc. acquired a new stake in Bank of America during the 1st quarter worth $998,000. Alpha Cubed Investments LLC grew its holdings in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after acquiring an additional 17,619 shares during the period. Finally, International Assets Investment Management LLC boosted its position in shares of Bank of America by 170.5% during the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock worth $9,951,000 after purchasing an additional 150,299 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction dated 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 transaction, the insider 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Down 0.3%

BAC traded down $0.15 during trading on Friday, hitting $50.60. The company had a trading volume of 27,849,333 shares, compared to its average volume of 35,317,604. The company has a market capitalization of $374.79 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.96. The firm's 50-day moving average price is $48.13 and its 200 day moving average price is $44.28. 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 issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the business earned $0.83 EPS. The company's revenue 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 has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Phillip Securities cut shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group lifted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Citigroup lifted their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Finally, Oppenheimer lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $50.39.

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.