Bank of America Corporation $BAC Shares Sold by Abacus Planning Group Inc.

Abacus Planning Group Inc. lowered its stake in Bank of America Corporation (NYSE:BAC) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,151 shares of the financial services provider’s stock after selling 1,503 shares during the quarter. Abacus Planning Group Inc.’s holdings in Bank of America were worth $2,515,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Nova Wealth Management Inc. grew its stake in shares of 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. Cloud Capital Management LLC acquired a new stake in Bank of America during the 1st quarter valued at approximately $40,000. Perkins Coie Trust Co grew its stake in 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. Cranbrook Wealth Management LLC grew its stake in 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, HighMark Wealth Management LLC grew its stake in 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAC. Truist Financial raised their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Citigroup raised 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. Royal Bank Of Canada raised their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, The Goldman Sachs Group set a $55.00 price objective on Bank of America in a research note on Tuesday. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.88.

Insider Activity

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 stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Trading Down 0.5%

NYSE:BAC opened at $50.44 on Friday. 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 business’s 50 day moving average is $49.33 and its two-hundred day moving average is $45.19. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a market cap of $373.57 billion, a PE ratio of 14.75, a P/E/G ratio of 1.97 and a beta of 1.33.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is a positive change 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 (DPR) is 32.75%.

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

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.