Bank of America Corporation $BAC Shares Sold by Twelve Points Wealth Management LLC

Twelve Points Wealth Management LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 10.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,413 shares of the financial services provider’s stock after selling 500 shares during the quarter. Twelve Points Wealth Management LLC’s holdings in Bank of America were worth $209,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Signaturefd LLC grew its holdings in Bank of America by 21.6% in the 2nd quarter. Signaturefd LLC now owns 200,282 shares of the financial services provider’s stock valued at $9,477,000 after buying an additional 35,511 shares in the last quarter. First American Bank lifted its holdings in shares of Bank of America by 0.4% in the 2nd quarter. First American Bank now owns 220,375 shares of the financial services provider’s stock worth $10,428,000 after acquiring an additional 937 shares during the last quarter. Rainier Family Wealth Inc. lifted its holdings in shares of Bank of America by 3.9% in the 2nd 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 during the last quarter. Ipswich Investment Management Co. Inc. acquired a new position in shares of Bank of America in the 2nd quarter worth approximately $201,000. Finally, Patton Fund Management Inc. purchased a new stake in Bank of America during the 2nd quarter worth approximately $263,000. 70.71% of the stock is currently owned by hedge funds and other 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 dated 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 completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. 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 company an “outperform” rating in a research report on Monday, June 30th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Morgan Stanley increased their target price on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research report on Monday, June 23rd. Finally, Citigroup increased their target price on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $50.92.

Bank of America Stock Performance

NYSE:BAC opened at $52.21 on Friday. The firm has a 50 day simple moving average of $49.07 and a 200-day simple moving average of $44.93. 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 firm has a market cap of $386.72 billion, a PE ratio of 15.27, a P/E/G ratio of 2.02 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate 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 for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.83 earnings per share. On average, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is a boost 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 dividend yield of 2.1%. Bank of America’s dividend payout ratio is 32.75%.

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.