Bank of America Corporation $BAC Stock Holdings Lessened by Pacifica Partners Inc.

Pacifica Partners Inc. reduced its holdings in Bank of America Corporation (NYSE:BAC) by 0.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 96,605 shares of the financial services provider’s stock after selling 258 shares during the period. Bank of America comprises approximately 1.8% of Pacifica Partners Inc.’s portfolio, making the stock its 20th largest holding. Pacifica Partners Inc.’s holdings in Bank of America were worth $4,552,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BAC. Nicholas Hoffman & Company LLC. lifted its position 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 valued at $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Gradient Investments LLC lifted its position in Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in Bank of America in the 1st quarter valued at about $998,000. Alpha Cubed Investments LLC lifted its position 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 valued at $2,714,000 after purchasing an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position 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 valued at $9,951,000 after purchasing an additional 150,299 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

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

Bank of America Stock Up 0.3%

Shares of BAC opened at $52.27 on Monday. The stock has a market cap of $387.16 billion, a price-to-earnings ratio of 15.28, a P/E/G ratio of 2.03 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.66. The company has a 50-day moving average price of $48.55 and a two-hundred day moving average price of $44.55.

Bank of America (NYSE:BAC) last posted its earnings results 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. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business 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 firm earned $0.83 EPS. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The firm 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BAC. Oppenheimer lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Truist Financial lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. The Goldman Sachs Group boosted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Finally, Citigroup boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.82.

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.