Bank of America Corporation $BAC Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 13.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 153,328 shares of the financial services provider’s stock after selling 23,885 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Bank of America were worth $7,255,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Wealth Advisory Solutions LLC grew 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 valued at $243,000 after purchasing an additional 214 shares in the last quarter. Ballast Advisors LLC grew its stake in 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 purchasing an additional 218 shares in the last quarter. Cyndeo Wealth Partners LLC grew its stake in Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after purchasing an additional 221 shares in the last quarter. Centurion Wealth Management LLC grew its stake in 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 purchasing an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. grew its stake in 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 purchasing an additional 227 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.0%

Shares of NYSE BAC opened at $53.55 on Friday. The company has a market cap of $396.63 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.64. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s 50 day simple moving average is $51.03 and its 200 day simple moving average is $47.02.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

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 outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BAC. TD Cowen lifted their target price on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Wells Fargo & Company lifted their target price on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Royal Bank Of Canada lifted their target price on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Finally, Oppenheimer lifted their target price on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $57.59.

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.