Bank of America Corporation $BAC Shares Sold by Twin City Private Wealth LLC

Twin City Private Wealth LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 8.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,334 shares of the financial services provider’s stock after selling 1,013 shares during the period. Twin City Private Wealth LLC’s holdings in Bank of America were worth $489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in BAC. Deutsche Bank AG lifted its stake in shares of 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 worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Unisphere Establishment lifted its stake in shares of Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth approximately $164,623,000. Maverick Capital Ltd. acquired a new stake in shares of Bank of America in the 1st quarter worth approximately $152,098,000. Finally, AMF Tjanstepension AB raised its holdings in shares of Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on BAC. Seaport Global Securities boosted their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday. Robert W. Baird boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday. Wells Fargo & Company boosted their target price on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Piper Sandler boosted their target price on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Stock Up 1.0%

BAC stock opened at $53.55 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.64. The company’s 50 day simple moving average is $51.03 and its 200-day simple moving average is $46.96. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $396.63 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Announces Dividend

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

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.