Lincoln Capital Corp Has $438,000 Stock Holdings in Bank of America Corporation $BAC

Lincoln Capital Corp lowered its holdings in shares of Bank of America Corporation (NYSE:BAC) by 9.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,265 shares of the financial services provider’s stock after selling 967 shares during the quarter. Lincoln Capital Corp’s holdings in Bank of America were worth $438,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nicholas Hoffman & Company LLC. lifted its holdings in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Gradient Investments LLC boosted its holdings in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after buying an additional 50,296 shares during the period. Prosperity Wealth Management Inc. acquired a new position in Bank of America in the 1st quarter valued at $998,000. Alpha Cubed Investments LLC raised its holdings in Bank of America by 37.2% in the 1st 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 during the period. Finally, International Assets Investment Management LLC raised its holdings in Bank of America by 170.5% in the 1st 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 during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $50.68 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $375.38 billion, a price-to-earnings ratio of 14.82, a P/E/G ratio of 1.96 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $51.09. The firm’s 50-day moving average price is $48.24 and its two-hundred day moving average price is $44.36.

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 for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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 quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BAC shares. Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Baird R W downgraded 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 price target on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday. 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 given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.61.

About Bank of America

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.