Asset Planning Services Inc. LA ADV Reduces Stock Position in Bank of America Corporation $BAC

Asset Planning Services Inc. LA ADV cut its holdings in Bank of America Corporation (NYSE:BAC) by 0.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 127,665 shares of the financial services provider’s stock after selling 700 shares during the period. Bank of America comprises 2.8% of Asset Planning Services Inc. LA ADV’s holdings, making the stock its 16th largest holding. Asset Planning Services Inc. LA ADV’s holdings in Bank of America were worth $6,041,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp raised 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 valued at $2,521,218,000 after buying an additional 803,570 shares during the period. Deutsche Bank AG raised its stake in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Amundi raised its stake in shares of Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP lifted 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 worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Finally, National Pension Service grew its holdings in Bank of America by 2.4% during 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 purchasing an additional 300,944 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.3%

Bank of America stock opened at $50.63 on Monday. 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 firm has a market cap of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33. The business has a fifty day moving average of $49.37 and a two-hundred day moving average of $45.30. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping 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 return on equity of 10.25% and a net margin of 14.81%.The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. On average, analysts forecast 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 authorized 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the business’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 owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Evercore ISI upped their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Citigroup lifted their target price on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, TD Cowen upped their target price on shares of Bank of America from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Nineteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

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.