Traphagen Investment Advisors LLC Sells 285 Shares of Bank of America Corporation $BAC

Traphagen Investment Advisors LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 2.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,659 shares of the financial services provider’s stock after selling 285 shares during the quarter. Traphagen Investment Advisors LLC’s holdings in Bank of America were worth $552,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in BAC. Wealth Advisory Solutions LLC boosted its stake in Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the last quarter. Centurion Wealth Management LLC boosted its position in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the last quarter. Nova Wealth Management Inc. boosted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Cape Investment Advisory Inc. boosted its position in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares during the last quarter. Finally, Rainier Family Wealth Inc. boosted its position in shares of Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 239 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.3%

Shares of BAC opened at $50.22 on Wednesday. The stock has a market capitalization of $371.95 billion, a PE ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33. 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 quick ratio of 0.79 and a current ratio of 0.80. The company’s 50-day simple moving average is $49.46 and its 200-day simple moving average is $45.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 earnings per share. 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 has authorized a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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 given a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is currently 32.75%.

Insider Buying and Selling at Bank of America

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BAC shares. Citigroup boosted their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Seaport Global Securities boosted their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. UBS Group boosted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Twenty research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.93.

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.