Manchester Capital Management LLC Sells 1,865 Shares of Bank of America Corporation $BAC

Manchester Capital Management LLC decreased its holdings in Bank of America Corporation (NYSE:BAC) by 6.9% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,132 shares of the financial services provider’s stock after selling 1,865 shares during the period. Manchester Capital Management LLC’s holdings in Bank of America were worth $1,189,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Brighton Jones LLC lifted its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. TCW Group Inc. raised its holdings in Bank of America by 8.3% during the 1st quarter. TCW Group Inc. now owns 101,380 shares of the financial services provider’s stock valued at $4,231,000 after buying an additional 7,786 shares during the last quarter. Carrera Capital Advisors boosted its position in Bank of America by 110.8% during the 1st quarter. Carrera Capital Advisors now owns 9,762 shares of the financial services provider’s stock valued at $407,000 after buying an additional 5,131 shares during the period. University of Texas Texas AM Investment Management Co. grew its holdings in Bank of America by 28.7% in the 1st quarter. University of Texas Texas AM Investment Management Co. now owns 245,701 shares of the financial services provider’s stock worth $10,253,000 after acquiring an additional 54,725 shares during the last quarter. Finally, Norden Group LLC increased its position in shares of Bank of America by 3.6% in the first quarter. Norden Group LLC now owns 89,035 shares of the financial services provider’s stock valued at $3,715,000 after acquiring an additional 3,068 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BAC. Phillip Securities increased their target price on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Wells Fargo & Company increased their price objective on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Robert W. Baird boosted their target price on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Finally, UBS Group lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Trading Up 0.6%

BAC opened at $51.89 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The stock has a market cap of $378.93 billion, a PE ratio of 14.14, a PEG ratio of 1.99 and a beta of 1.34. The business has a 50 day moving average of $51.78 and a 200-day moving average of $48.56.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during 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 firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 earnings per share. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors 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 yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

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.