True Wealth Design LLC Has $28,000 Position in Bank of America Corporation $BAC

True Wealth Design LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 79.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 591 shares of the financial services provider’s stock after selling 2,288 shares during the period. True Wealth Design LLC’s holdings in Bank of America were worth $28,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BAC. Deutsche Bank AG boosted its position in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Amundi increased its position in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Bank of America by 5.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after buying an additional 894,027 shares during the last quarter. Finally, National Pension Service grew its stake in shares of Bank of America by 2.4% in the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after buying an additional 300,944 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on BAC. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Seaport Global Securities upped their target price on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. The Goldman Sachs Group cut their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 27th. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Finally, JPMorgan Chase & Co. upped their price objective on Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Stock Down 0.1%

Bank of America stock opened at $53.22 on Friday. The company’s 50-day moving average price is $51.33 and its two-hundred day moving average price is $47.57. 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 stock has a market cap of $388.62 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.99.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. 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 dividend payout ratio (DPR) is presently 30.52%.

Bank of America announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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.