Westhampton Capital LLC Sells 1,600 Shares of Bank of America Corporation $BAC

Westhampton Capital LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 8.0% in the second quarter, Holdings Channel.com reports. The firm owned 18,427 shares of the financial services provider’s stock after selling 1,600 shares during the period. Westhampton Capital LLC’s holdings in Bank of America were worth $872,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of Bank of America in the 1st quarter valued at about $40,000. Perkins Coie Trust Co grew its holdings in shares of Bank of America by 67.8% in the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 423 shares in the last quarter. Cranbrook Wealth Management LLC grew its holdings in shares of Bank of America by 41.2% in the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 306 shares in the last quarter. Finally, HighMark Wealth Management LLC grew its holdings in shares of Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 743 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.3%

Shares of BAC stock opened at $52.36 on Tuesday. The firm has a 50 day moving average price of $49.16 and a two-hundred day moving average price of $45.05. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $387.83 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34. 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 released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the business earned $0.83 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date was 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 dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised their price objective on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. The Goldman Sachs Group lifted 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. HSBC cut 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 report on Monday, July 7th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.82.

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.