Winthrop Advisory Group LLC Raises Position in Bank of America Corporation $BAC

Winthrop Advisory Group LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 9.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 33,130 shares of the financial services provider’s stock after purchasing an additional 2,823 shares during the quarter. Winthrop Advisory Group LLC’s holdings in Bank of America were worth $1,568,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Boston Common Asset Management LLC lifted its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the period. Nicholas Hoffman & Company LLC. increased its holdings in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC increased its holdings in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the last quarter. Prosperity Wealth Management Inc. acquired a new stake in shares of Bank of America during the 1st quarter worth $998,000. Finally, Alpha Cubed Investments LLC increased its holdings in shares of Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after buying an additional 17,619 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.3%

Shares of NYSE BAC opened at $50.22 on Wednesday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a market cap of $371.95 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.96 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a fifty day moving average price of $49.46 and a 200 day moving average price of $45.39.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the firm earned $0.83 EPS. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid 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 was Friday, September 5th. Bank of America’s payout ratio is 32.75%.

Bank of America announced that its Board of Directors has authorized a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. 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 report on Monday. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Oppenheimer dropped their price objective on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Wells Fargo & Company upped their price objective on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Finally, Morgan Stanley upped their price objective on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Twenty research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $53.93.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

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.