Bank of America Corporation $BAC Shares Sold by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC trimmed its position in Bank of America Corporation (NYSE:BAC) by 18.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,912 shares of the financial services provider’s stock after selling 18,056 shares during the period. SevenBridge Financial Group LLC’s holdings in Bank of America were worth $3,796,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quaker Wealth Management LLC boosted its position in 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. grew its position in shares of Bank of America by 75.2% in the second 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 during the period. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC boosted its stake in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares during the last quarter. Finally, Wealth Preservation Advisors LLC grew its holdings in Bank of America by 48.7% in the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after buying an additional 223 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on BAC. Phillip Securities raised their target price on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Morgan Stanley lowered their price objective on shares of Bank of America from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday. Daiwa Capital Markets boosted their price target on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Piper Sandler upped their price target on Bank of America from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Barclays raised their price objective on Bank of America from $54.00 to $59.00 and gave the stock 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. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Trading Up 1.1%

BAC opened at $55.14 on Monday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $55.30. The firm has a market capitalization of $402.66 billion, a P/E ratio of 15.02 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50 day moving average is $52.39 and its 200-day moving average is $49.53.

Bank of America (NYSE:BAC) last announced its earnings results 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. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the company earned $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio 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.