NWF Advisory Services Inc. Has $9.59 Million Stock Position in Bank of America Corporation $BAC

NWF Advisory Services Inc. lowered its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.6% during the first quarter, Holdings Channel reports. The firm owned 196,788 shares of the financial services provider’s stock after selling 9,509 shares during the period. Bank of America accounts for about 1.1% of NWF Advisory Services Inc.’s portfolio, making the stock its 22nd largest position. NWF Advisory Services Inc.’s holdings in Bank of America were worth $9,593,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Handelsbanken Fonder AB grew its stake in Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after buying an additional 1,603,080 shares during the last quarter. Legal & General Group Plc boosted its holdings in Bank of America by 3.4% during the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock valued at $2,497,655,000 after acquiring an additional 1,487,809 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Bank of America by 2.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock valued at $159,794,000 after purchasing an additional 71,307 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Bank of America by 217.4% in the fourth quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider’s stock worth $18,037,000 after purchasing an additional 224,627 shares during the period. Finally, Ritholtz Wealth Management boosted its stake in Bank of America by 9.9% during the 4th quarter. Ritholtz Wealth Management now owns 231,018 shares of the financial services provider’s stock valued at $12,706,000 after purchasing an additional 20,819 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.27% of the stock is owned by company insiders.

Bank of America Stock Down 0.3%

NYSE BAC opened at $59.49 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock’s 50 day moving average is $54.62 and its two-hundred day moving average is $52.98. The company has a market capitalization of $422.18 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $60.83.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the prior year, the company posted $0.90 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America’s payout ratio is currently 27.72%.

Key Stories Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America expanded its regional investment banking business by hiring nine senior bankers across major U.S. markets, a move that should strengthen its middle-market coverage and support fee growth over time. Reuters article
• Positive Sentiment: Several previews suggest Bank of America could benefit from strong trading, investment banking, and wealth-management activity, with analysts expecting a broadly favorable second-quarter bank earnings season. Investor’s Business Daily article
• Positive Sentiment: Bank of America’s own consumer data showed strong June card spending and wage gains, reinforcing the view that its retail banking base remains resilient heading into earnings. Yahoo Finance article
• Positive Sentiment: Valuation screens highlighted BAC as the most attractive of the major banks, which may be helping support the stock as investors look for a relative-value play ahead of results. 247WallSt article

Analysts Set New Price Targets

Several brokerages have commented on BAC. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. UBS Group increased their target price on shares of Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Jefferies Financial Group lifted their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Citigroup boosted their price target on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Wells Fargo & Company upped their price target on Bank of America from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $62.19.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.