Johnson Investment Counsel Inc. Has $10.61 Million Holdings in Bank of America Corporation $BAC

Johnson Investment Counsel Inc. cut its holdings in Bank of America Corporation (NYSE:BAC) by 4.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 224,123 shares of the financial services provider’s stock after selling 11,064 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Bank of America were worth $10,606,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BAC. Brighton Jones LLC boosted its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Bank of America by 8.2% during the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after purchasing an additional 8,435 shares in the last quarter. West Branch Capital LLC boosted its stake in shares of Bank of America by 14.0% during the first quarter. West Branch Capital LLC now owns 59,491 shares of the financial services provider’s stock valued at $2,483,000 after purchasing an additional 7,306 shares in the last quarter. Krilogy Financial LLC boosted its stake in shares of Bank of America by 18.3% during the first quarter. Krilogy Financial LLC now owns 39,982 shares of the financial services provider’s stock valued at $1,668,000 after purchasing an additional 6,194 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC boosted its stake in shares of Bank of America by 35.2% during the first quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 1,348 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Oppenheimer cut their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. lifted their price objective on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday. Wells Fargo & Company lifted their price objective on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday. Twenty-one research 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, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $54.64.

View Our Latest Stock Analysis on Bank of America

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’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 transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 2.4%

Shares of BAC stock opened at $48.62 on Friday. The company has a market cap of $360.12 billion, a P/E ratio of 14.22, a PEG ratio of 1.89 and a beta of 1.33. The stock has a 50 day simple moving average of $49.61 and a two-hundred day simple moving average of $45.52. 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 fifty-two week low of $33.06 and a fifty-two week high of $52.88.

Bank of America (NYSE:BACGet Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during 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%.The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 earnings per share. Research 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 disclosed 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 a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

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

Bank of America Profile

(Free Report)

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.

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Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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