Indie Asset Partners LLC Has $228,000 Stake in Bank of America Corporation (NYSE:BAC)

Indie Asset Partners LLC reduced its holdings in Bank of America Corporation (NYSE:BAC) by 20.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,460 shares of the financial services provider’s stock after selling 1,432 shares during the period. Indie Asset Partners LLC’s holdings in Bank of America were worth $228,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BAC. Brighton Jones LLC lifted its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after buying an additional 226,246 shares during the period. RWA Wealth Partners LLC lifted its holdings in Bank of America by 10.5% in the fourth quarter. RWA Wealth Partners LLC now owns 139,011 shares of the financial services provider’s stock valued at $6,110,000 after buying an additional 13,214 shares during the period. Everstar Asset Management LLC lifted its holdings in Bank of America by 48.3% in the fourth quarter. Everstar Asset Management LLC now owns 13,916 shares of the financial services provider’s stock valued at $612,000 after buying an additional 4,531 shares during the period. Finally, FSB Premier Wealth Management Inc. lifted its holdings in Bank of America by 9.0% in the fourth quarter. FSB Premier Wealth Management Inc. now owns 19,986 shares of the financial services provider’s stock valued at $878,000 after buying an additional 1,643 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $48.23 on Tuesday. The stock has a market cap of $363.26 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.88 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a fifty day moving average price of $45.98 and a two-hundred day moving average price of $43.74. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 earnings per share. As a group, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 30.41%.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have commented on BAC. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. The Goldman Sachs Group upped their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. UBS Group upped their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Oppenheimer lowered their target price on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, July 17th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.03.

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.