Veracity Capital LLC Decreases Stake in Bank of America Corporation $BAC

Veracity Capital LLC lessened its stake in Bank of America Corporation (NYSE:BAC) by 17.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 7,948 shares of the financial services provider’s stock after selling 1,686 shares during the quarter. Veracity Capital LLC’s holdings in Bank of America were worth $376,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Nicholas Hoffman & Company LLC. lifted its stake in Bank of America by 121.0% during the first 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 lifted its stake in Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prosperity Wealth Management Inc. purchased a new stake in Bank of America during the first quarter worth approximately $998,000. Alpha Cubed Investments LLC lifted its stake in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after purchasing an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Bank of America by 170.5% during 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 purchasing an additional 150,299 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.2%

Shares of BAC stock opened at $50.68 on Wednesday. The business’s fifty day moving average price is $48.24 and its 200 day moving average price is $44.36. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $51.09. The firm has a market capitalization of $375.38 billion, a PE ratio of 14.82, a P/E/G ratio of 1.96 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is a positive change 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%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

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

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday. Truist Financial boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and lifted their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Morgan Stanley lifted their price target on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.61.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

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