Cullinan Associates Inc. Sells 11,000 Shares of Bank of America Corporation $BAC

Cullinan Associates Inc. lowered its stake in Bank of America Corporation (NYSE:BAC) by 16.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 56,325 shares of the financial services provider’s stock after selling 11,000 shares during the quarter. Cullinan Associates Inc.’s holdings in Bank of America were worth $2,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Impact Capital Partners LLC grew its stake in shares of Bank of America by 5.1% in the 1st quarter. Impact Capital Partners LLC now owns 9,606 shares of the financial services provider’s stock worth $401,000 after buying an additional 465 shares during the last quarter. Sivia Capital Partners LLC grew its stake in shares of Bank of America by 8.8% in the 1st quarter. Sivia Capital Partners LLC now owns 15,227 shares of the financial services provider’s stock worth $635,000 after buying an additional 1,230 shares during the last quarter. Perennial Advisors LLC purchased a new stake in shares of Bank of America in the 1st quarter worth approximately $360,000. Finally, Charter Oak Capital Management LLC grew its stake in shares of Bank of America by 6.5% in the 1st quarter. Charter Oak Capital Management LLC now owns 6,379 shares of the financial services provider’s stock worth $266,000 after buying an additional 390 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Evercore ISI upped their price target on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft increased their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Finally, Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Nineteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Bank of America Stock Performance

BAC stock opened at $50.63 on Monday. The company has a market cap of $374.98 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock’s fifty day moving average price is $49.37 and its 200-day moving average price is $45.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.83 EPS. On average, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

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.