Philip James Wealth Mangement LLC Sells 23,670 Shares of Bank of America Corporation $BAC

Philip James Wealth Mangement LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 12.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,094 shares of the financial services provider’s stock after selling 23,670 shares during the period. Bank of America comprises about 1.0% of Philip James Wealth Mangement LLC’s portfolio, making the stock its 23rd largest position. Philip James Wealth Mangement LLC’s holdings in Bank of America were worth $7,670,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after acquiring an additional 803,570 shares in the last quarter. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Amundi boosted its holdings in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after buying an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after buying an additional 188,638 shares in the last quarter. Finally, National Pension Service boosted its holdings in shares of Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after buying an additional 300,944 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In other Bank of America 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 completion of the transaction, the insider directly 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $50.67 on Thursday. The firm has a market capitalization of $375.29 billion, a P/E ratio of 14.81, a PEG ratio of 2.00 and a beta of 1.33. 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 50 day moving average price of $49.29 and a 200 day moving average price of $45.13. 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 announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm 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%. Bank of America’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $0.83 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm 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. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.78.

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.