Community Financial Services Group LLC Has $8 Million Stake in Bank of America Corporation $BAC

Community Financial Services Group LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 3.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 169,057 shares of the financial services provider’s stock after acquiring an additional 5,787 shares during the period. Bank of America accounts for 1.6% of Community Financial Services Group LLC’s investment portfolio, making the stock its 20th biggest position. Community Financial Services Group LLC’s holdings in Bank of America were worth $8,000,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Wealth Advisory Solutions LLC lifted its holdings in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares in the last quarter. Centurion Wealth Management LLC raised its holdings in Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after buying an additional 225 shares during the period. Nova Wealth Management Inc. lifted its stake in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. Cape Investment Advisory Inc. boosted its holdings in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after buying an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. increased its position in shares of 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 and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 of the company’s stock, 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. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

BAC opened at $50.67 on Thursday. The business’s 50-day simple moving average is $49.29 and its 200 day simple moving average is $45.13. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market capitalization of $375.29 billion, a PE ratio of 14.81, a PEG ratio of 2.00 and a beta of 1.33.

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 for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the company earned $0.83 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. 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. Bank of America’s payout ratio is currently 32.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BAC shares. The Goldman Sachs Group set a $55.00 price objective on shares of Bank of America in a research report on Tuesday. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Morgan Stanley increased their price objective on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Robert W. Baird restated a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.78.

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.