Nisa Investment Advisors LLC Decreases Stake in Bank of America Corporation $BAC

Nisa Investment Advisors LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,903,578 shares of the financial services provider’s stock after selling 28,809 shares during the quarter. Bank of America accounts for about 0.6% of Nisa Investment Advisors LLC’s investment portfolio, making the stock its 18th biggest position. Nisa Investment Advisors LLC’s holdings in Bank of America were worth $137,397,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BAC. Resonant Capital Advisors LLC boosted its holdings in Bank of America by 35.7% in the second quarter. Resonant Capital Advisors LLC now owns 24,276 shares of the financial services provider’s stock valued at $1,149,000 after purchasing an additional 6,384 shares during the last quarter. Hixon Zuercher LLC increased its holdings in Bank of America by 1.7% during the 2nd quarter. Hixon Zuercher LLC now owns 69,647 shares of the financial services provider’s stock worth $3,296,000 after purchasing an additional 1,176 shares during the last quarter. Wealthfront Advisers LLC raised its position in shares of Bank of America by 6.8% in the 2nd quarter. Wealthfront Advisers LLC now owns 908,003 shares of the financial services provider’s stock valued at $42,967,000 after purchasing an additional 58,134 shares in the last quarter. Ballast Advisors LLC boosted its stake in shares of Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after buying an additional 218 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. grew its position in shares of Bank of America by 45.9% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 358,404 shares of the financial services provider’s stock worth $16,960,000 after buying an additional 112,703 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

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 stock was 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BAC shares. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday. Royal Bank Of Canada raised their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, October 1st. Barclays upped their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.23.

Bank of America Trading Up 1.3%

Bank of America stock opened at $52.44 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm’s 50-day moving average is $50.58 and its 200-day moving average is $46.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $388.38 billion, a P/E ratio of 14.29, a PEG ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

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.