Summit Wealth & Retirement Planning Inc. Has $735,000 Position in Bank of America Corporation $BAC

Summit Wealth & Retirement Planning Inc. cut its position in Bank of America Corporation (NYSE:BAC) by 5.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 15,543 shares of the financial services provider’s stock after selling 951 shares during the quarter. Summit Wealth & Retirement Planning Inc.’s holdings in Bank of America were worth $735,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Boston Common Asset Management LLC increased its position in shares of Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC acquired a new position in Bank of America in the 2nd quarter worth $217,000. Nicholas Hoffman & Company LLC. increased its holdings in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC increased its holdings in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $287,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday. Wolfe Research lifted their target price on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Oppenheimer upped their price target 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 price target (up from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Finally, Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Down 0.1%

BAC opened at $53.22 on Friday. The stock’s fifty day simple moving average is $51.33 and its 200 day simple moving average is $47.51. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99. The stock has a market cap of $388.62 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 earnings per share. As a group, research 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 of Directors has initiated a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

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 paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is 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.