Carret Asset Management LLC Sells 1,940 Shares of Bank of America Corporation $BAC

Carret Asset Management LLC decreased its position in Bank of America Corporation (NYSE:BAC) by 1.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 108,339 shares of the financial services provider’s stock after selling 1,940 shares during the quarter. Carret Asset Management LLC’s holdings in Bank of America were worth $5,127,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Boston Common Asset Management LLC boosted its holdings in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares during the last quarter. Disciplined Investments LLC bought a new position in Bank of America during the second quarter worth about $217,000. Nicholas Hoffman & Company LLC. boosted its holdings in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC boosted its holdings in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC bought a new position in Bank of America during the second quarter worth about $287,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Phillip Securities raised their target price on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Piper Sandler raised their target price on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Citigroup raised their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Argus boosted their price objective on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.27.

Bank of America Stock Performance

Shares of BAC stock opened at $52.58 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $389.43 billion, a P/E ratio of 14.33, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. The company’s 50 day moving average price is $50.86 and its two-hundred day moving average price is $46.80. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.28.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred 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 sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

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.