Founders Capital Management Decreases Stock Holdings in Bank of America Corp (NYSE:BAC)

Founders Capital Management trimmed its position in Bank of America Corp (NYSE:BAC) by 83.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,590 shares of the financial services provider’s stock after selling 17,720 shares during the quarter. Founders Capital Management’s holdings in Bank of America were worth $105,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Salomon & Ludwin LLC grew its position in shares of Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares during the period. WealthStone Inc. bought a new position in Bank of America in the 2nd quarter worth about $49,000. Ellevest Inc. bought a new position in Bank of America in the 2nd quarter worth about $60,000. Intercontinental Wealth Advisors LLC boosted its stake in Bank of America by 39.2% in the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 600 shares in the last quarter. Finally, Mackey Komara & Dankovich LLC boosted its stake in Bank of America by 57.6% in the 2nd quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,274 shares in the last quarter. 68.48% of the stock is currently owned by institutional investors.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.17% of the stock is owned by corporate insiders.

BAC traded up $0.60 during midday trading on Thursday, hitting $28.49. 30,059,419 shares of the company traded hands, compared to its average volume of 58,074,156. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $265.66 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 1.14 and a beta of 1.60. The company’s 50-day moving average is $28.37 and its 200 day moving average is $28.70. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.17.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 EPS. On average, sell-side analysts predict that Bank of America Corp will post 2.71 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock buyback program on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.53%. The ex-dividend date was Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is 27.59%.

A number of equities analysts recently issued reports on BAC shares. JPMorgan Chase & Co. dropped their price target on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday. Wells Fargo & Co set a $34.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $36.00 to $29.00 in a research note on Thursday, September 5th. Raymond James cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Finally, Morgan Stanley dropped their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $32.32.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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