Mountain Pacific Investment Advisers LLC Cuts Stock Position in Bank of America Corporation $BAC

Mountain Pacific Investment Advisers LLC trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 40.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,843 shares of the financial services provider’s stock after selling 3,900 shares during the period. Mountain Pacific Investment Advisers LLC’s holdings in Bank of America were worth $276,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Madrona Financial Services LLC raised its position in shares of Bank of America by 14.6% during the 2nd quarter. Madrona Financial Services LLC now owns 6,467 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 822 shares during the last quarter. Parkwoods Wealth Partners LLC purchased a new stake in Bank of America during the 2nd quarter worth approximately $244,000. Trilogy Capital Inc. raised its holdings in shares of Bank of America by 66.4% during the second quarter. Trilogy Capital Inc. now owns 12,205 shares of the financial services provider’s stock valued at $578,000 after acquiring an additional 4,869 shares during the last quarter. QTR Family Wealth LLC lifted its position in shares of Bank of America by 27.9% in the second quarter. QTR Family Wealth LLC now owns 13,335 shares of the financial services provider’s stock valued at $631,000 after acquiring an additional 2,910 shares in the last quarter. Finally, Panoramic Capital Partners LLC acquired a new stake in shares of Bank of America in the second quarter worth approximately $216,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $50.67 on Thursday. The company’s 50-day moving average is $49.29 and its two-hundred day moving average is $45.13. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. 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 PEG ratio of 2.00 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced 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. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the firm earned $0.83 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

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 paid 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 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BAC shares. Citigroup increased their price objective on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Wells Fargo & Company increased their target price on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. The Goldman Sachs Group set a $55.00 price target on shares of Bank of America in a research note on Tuesday. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Finally, Truist Financial increased their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.78.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.