Cim Investment Management Inc. Sells 13,312 Shares of Bank of America Co. (NYSE:BAC)

Cim Investment Management Inc. decreased its stake in Bank of America Co. (NYSE:BAC) by 34.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,747 shares of the financial services provider’s stock after selling 13,312 shares during the period. Cim Investment Management Inc.’s holdings in Bank of America were worth $1,062,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Robbins Farley LLC bought a new stake in Bank of America in the first quarter worth about $25,000. Newton One Investments LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $29,000. Cowen Prime Advisors LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $31,000. Elmwood Wealth Management Inc. raised its position in shares of Bank of America by 138.9% in the second quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 500 shares during the period. Finally, Financial Insights Inc. bought a new stake in shares of Bank of America in the second quarter valued at approximately $38,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

In other news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the company’s stock in a transaction on Friday, August 6th. The shares were sold at an average price of $39.98, for a total value of $3,198,400.00. Following the completion of the sale, the insider now owns 337,006 shares of the company’s stock, valued at approximately $13,473,499.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.22% of the stock is currently owned by corporate insiders.

BAC has been the topic of several research reports. Evercore ISI reissued a “buy” rating and issued a $43.00 price target on shares of Bank of America in a research report on Friday, July 2nd. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Friday, June 18th. Wolfe Research lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price target on the stock. in a research report on Wednesday. Royal Bank of Canada set a $37.69 price target on shares of Bank of America and gave the company a “buy” rating in a research report on Wednesday, July 21st. Finally, Jefferies Financial Group upped their target price on shares of Bank of America from $41.00 to $48.00 and gave the stock a “hold” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $41.25.

BAC stock traded up $1.34 during midday trading on Thursday, reaching $44.48. The company had a trading volume of 2,805,490 shares, compared to its average volume of 49,374,215. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.74 and a quick ratio of 0.74. Bank of America Co. has a 1 year low of $23.12 and a 1 year high of $44.87. The company has a market capitalization of $374.29 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.72 and a beta of 1.55. The firm has a 50-day moving average price of $41.61 and a 200-day moving average price of $40.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.15. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The business had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $21.60 billion. During the same quarter in the previous year, the company earned $0.51 EPS. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, equities analysts predict that Bank of America Co. will post 3.34 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 24th. Stockholders of record on Friday, September 3rd were paid a $0.21 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, September 2nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.89%. Bank of America’s dividend payout ratio is 44.92%.

Bank of America Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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