Bank of America Corporation $BAC Shares Sold by Lakewood Asset Management LLC

Lakewood Asset Management LLC lessened its holdings in Bank of America Corporation (NYSE:BAC) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,567 shares of the financial services provider’s stock after selling 926 shares during the quarter. Bank of America accounts for approximately 2.7% of Lakewood Asset Management LLC’s holdings, making the stock its 9th biggest holding. Lakewood Asset Management LLC’s holdings in Bank of America were worth $4,002,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BAC. Wealth Advisory Solutions LLC boosted its stake in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares in the last quarter. Centurion Wealth Management LLC boosted its stake in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares in the last quarter. Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Cape Investment Advisory Inc. boosted its stake in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 238 shares in the last quarter. Finally, Rainier Family Wealth Inc. boosted its stake in Bank of America by 3.9% during the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 239 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BAC. The Goldman Sachs Group upped their target price on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Truist Financial upped their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Finally, Oppenheimer decreased their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $50.92.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Bank of America Price Performance

Shares of Bank of America stock opened at $52.21 on Friday. 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 firm has a market capitalization of $386.72 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34. The business’s 50-day moving average price is $49.07 and its 200-day moving average price is $44.93. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.83 EPS. 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 business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is presently 32.75%.

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

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.