LJI Wealth Management LLC Sells 1,444 Shares of Bank of America Corporation $BAC

LJI Wealth Management LLC cut its position in Bank of America Corporation (NYSE:BAC) by 2.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,613 shares of the financial services provider’s stock after selling 1,444 shares during the quarter. Bank of America accounts for about 0.4% of LJI Wealth Management LLC’s portfolio, making the stock its 28th largest holding. LJI Wealth Management LLC’s holdings in Bank of America were worth $2,395,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Common Asset Management LLC lifted its holdings in shares of Bank of America by 10.5% during the 2nd 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 during the period. Disciplined Investments LLC bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $217,000. Nicholas Hoffman & Company LLC. lifted its holdings in shares of 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 acquiring an additional 33,963 shares during the period. Sunbeam Capital Management LLC lifted its holdings in shares of 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 acquiring an additional 439 shares during the period. Finally, CCG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $287,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.3%

Shares of NYSE BAC opened at $51.77 on Friday. The company has a 50 day simple moving average of $50.47 and a 200 day simple moving average of $46.19. The firm has a market cap of $383.49 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 1.94 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 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the business earned $0.81 EPS. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Insider Transactions at Bank of America

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

Analyst Ratings Changes

A number of research analysts have recently commented on BAC shares. Citigroup increased their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a report on Wednesday. Evercore ISI increased their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. UBS Group increased their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Finally, Wells Fargo & Company increased their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Twenty-three 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 presently has an average rating of “Moderate Buy” and a consensus target price of $57.23.

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.