Single Point Partners LLC Sells 21,066 Shares of Bank of America Corporation $BAC

Key Points

• Single Point Partners LLC cut its Bank of America stake by 82% in the third quarter, selling 21,066 shares and retaining 4,626 shares valued at approximately $252,000.
• Other institutional investors increased their positions, and institutions collectively own 70.71% of Bank of America’s outstanding shares.
• Bank of America reported quarterly EPS of $1.08, slightly below expectations, while revenue rose 3.2% year over year. The company increased its quarterly dividend to $0.32 per share, and analysts maintain a consensus “Moderate Buy” rating with a $62.52 price target.

Single Point Partners LLC reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 82.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,626 shares of the financial services provider's stock after selling 21,066 shares during the quarter. Single Point Partners LLC's holdings in Bank of America were worth $252,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Bamco Inc. NY boosted its holdings in Bank of America by 45.4% in the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock valued at $2,336,000 after purchasing an additional 12,794 shares during the period. E Fund Management Co. Ltd. bought a new position in shares of Bank of America during the second quarter worth approximately $4,089,000. Bernicke Wealth Management Ltd. bought a new position in shares of Bank of America during the second quarter worth approximately $2,132,000. Aspiriant LLC increased its holdings in shares of Bank of America by 34.3% during the third quarter. Aspiriant LLC now owns 48,877 shares of the financial services provider's stock worth $2,660,000 after purchasing an additional 12,479 shares during the period. Finally, Legacy Private Trust Co. raised its position in shares of Bank of America by 11.7% in the third quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider's stock valued at $6,267,000 after buying an additional 12,016 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $50.38 on Tuesday. The firm's 50 day simple moving average is $58.78 and its 200 day simple moving average is $56.76. The firm has a market capitalization of $352.26 billion, a price-to-earnings ratio of 11.97, a P/E/G ratio of 0.87 and a beta of 1.21. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The firm had revenue of $29.96 billion for the quarter, compared to analyst estimates of $30.58 billion. During the same quarter in the prior year, the firm earned $1.06 earnings per share. The firm's revenue for the quarter was up 3.2% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 4.54 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is 30.40%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BAC shares. Wells Fargo & Company cut their price target on Bank of America from $69.00 to $64.00 and set an "overweight" rating for the company in a research note on Thursday. Evercore set a $62.00 price target on Bank of America in a research report on Thursday, October 1st. UBS Group lowered their price objective on Bank of America from $70.00 to $67.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Royal Bank Of Canada lowered their price objective on Bank of America from $65.00 to $60.00 and set an "outperform" rating on the stock in a research note on Thursday. Finally, TD Cowen dropped their price objective on Bank of America from $60.00 to $56.00 and set a "hold" rating for the company in a report on Thursday, October 15th. Twenty equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $62.52.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America has reduced its share count by nearly one-third over the past decade, supporting per-share value for continuing shareholders. A $10,000 investment made 10 years ago would reportedly be worth about $40,000 today. Bank of America share count article
• Positive Sentiment: Some analysts view the sell-off as an opportunity, arguing that BAC’s core profitability remains strong and that much of the regulatory damage may already be reflected in the stock. Morgan Stanley reportedly sees potential upside if execution improves. Bank of America upside analysis

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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