Bank of America Corp (NYSE:BAC) Shares Sold by Western Wealth Management LLC

Western Wealth Management LLC trimmed its position in Bank of America Corp (NYSE:BAC) by 21.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,281 shares of the financial services provider’s stock after selling 15,015 shares during the period. Western Wealth Management LLC’s holdings in Bank of America were worth $1,637,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of BAC. Squar Milner Financial Services LLC lifted its position in Bank of America by 1.3% during the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock valued at $737,000 after purchasing an additional 348 shares during the period. Barber Financial Group Inc. lifted its position in Bank of America by 2.1% during the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 360 shares during the period. Rowland & Co. Investment Counsel ADV lifted its position in Bank of America by 9.7% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 360 shares during the period. Holderness Investments Co. lifted its position in Bank of America by 0.6% during the second quarter. Holderness Investments Co. now owns 64,230 shares of the financial services provider’s stock valued at $1,863,000 after purchasing an additional 360 shares during the period. Finally, Kistler Tiffany Companies LLC lifted its position in Bank of America by 2.4% during the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock valued at $456,000 after purchasing an additional 365 shares during the period. Institutional investors and hedge funds own 68.50% of the company’s stock.

BAC has been the subject of a number of research reports. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 16th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Morgan Stanley set a $31.00 target price on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 9th. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. Finally, DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $32.75.

BAC traded down $0.64 on Friday, reaching $26.55. The stock had a trading volume of 55,846,359 shares, compared to its average volume of 61,225,972. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.49. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business’s 50-day moving average price is $28.90 and its two-hundred day moving average price is $28.82. The company has a market cap of $248.72 billion, a P/E ratio of 10.17, a price-to-earnings-growth ratio of 1.05 and a beta of 1.54.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.63 earnings per share. As a group, analysts predict that Bank of America Corp will post 2.83 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.71%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is currently 22.99%.

Bank of America announced that its board has approved a share repurchase program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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