Bank of America Corporation $BAC Position Decreased by Brookmont Capital Management

Brookmont Capital Management decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,537 shares of the financial services provider’s stock after selling 2,430 shares during the period. Bank of America makes up 1.8% of Brookmont Capital Management’s portfolio, making the stock its 19th biggest holding. Brookmont Capital Management’s holdings in Bank of America were worth $3,101,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of analysts have commented on BAC shares. Royal Bank Of Canada upped their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upped their price objective on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.78.

Bank of America Price Performance

NYSE BAC opened at $50.67 on Thursday. The company has a 50 day simple moving average of $49.29 and a 200-day simple moving average of $45.13. 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 capitalization of $375.29 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88.

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

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is 32.75%.

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

Insiders Place Their Bets

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

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.