Independent Solutions Wealth Management LLC Sells 2,236 Shares of Bank of America Corporation $BAC

Independent Solutions Wealth Management LLC trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,967 shares of the financial services provider’s stock after selling 2,236 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Bank of America were worth $2,885,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Bank of America by 1.3% in 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 purchasing an additional 803,570 shares during the period. Deutsche Bank AG raised its position in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Amundi lifted its stake in 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 acquiring an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Bank of America by 0.6% during 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 stake in shares of 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 worth $541,250,000 after acquiring an additional 300,944 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.6%

Shares of BAC opened at $50.36 on Tuesday. The firm has a market cap of $373.01 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The firm’s 50-day simple moving average is $49.42 and its 200 day simple moving average is $45.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations 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 was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.83 earnings per share. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

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

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on BAC shares. Royal Bank Of Canada boosted their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Truist Financial lifted their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Oppenheimer reduced their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Finally, Seaport Global Securities upped their price objective on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday. Nineteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $53.38.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

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.