RDA Financial Network Decreases Stock Position in Bank of America Corporation $BAC

RDA Financial Network lowered its stake in Bank of America Corporation (NYSE:BAC) by 59.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,331 shares of the financial services provider’s stock after selling 30,871 shares during the quarter. RDA Financial Network’s holdings in Bank of America were worth $1,009,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BAC. Nicholas Hoffman & Company LLC. grew its position in Bank of America by 121.0% in the first 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 in the last quarter. Gradient Investments LLC grew its position in Bank of America by 7.8% in the first 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 in the last quarter. Prosperity Wealth Management Inc. purchased a new position in Bank of America in the first quarter worth about $998,000. Alpha Cubed Investments LLC grew its position in Bank of America by 37.2% in the first 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 in the last quarter. Finally, International Assets Investment Management LLC grew its position in Bank of America by 170.5% in 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 acquiring an additional 150,299 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Oppenheimer increased their price objective 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. Finally, Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.39.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of BAC stock opened at $50.60 on Friday. 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 market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.97 and a beta of 1.34. The company’s 50-day simple moving average is $48.13 and its two-hundred day simple moving average is $44.28. Bank of America Corporation has a one year low of $33.06 and a one year high of $50.96.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America announced that its board has authorized 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 usually an indication that the company’s leadership believes its shares are undervalued.

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.