SS&H Financial Advisors Inc. Sells 1,025 Shares of Bank of America Corporation $BAC

SS&H Financial Advisors Inc. lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 1.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 67,508 shares of the financial services provider’s stock after selling 1,025 shares during the quarter. Bank of America makes up about 1.1% of SS&H Financial Advisors Inc.’s investment portfolio, making the stock its 26th largest position. SS&H Financial Advisors Inc.’s holdings in Bank of America were worth $3,194,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quaker Wealth Management LLC raised its position in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new stake in Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC increased its holdings in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new stake in Bank of America in the second quarter valued at about $33,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.0%

NYSE:BAC opened at $53.55 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year 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 has a market cap of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The stock has a 50-day moving average price of $51.03 and a two-hundred day moving average price of $47.02.

Bank of America (NYSE:BAC) last posted its 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 return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BAC. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Robert W. Baird upped their price objective on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday. TD Cowen upped their price objective on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, Barclays upped their price objective on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.