TRUE Private Wealth Advisors Reduces Stock Position in Bank of America Corp (NYSE:BAC)

TRUE Private Wealth Advisors lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 12.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,163 shares of the financial services provider’s stock after selling 5,053 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Bank of America were worth $996,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Salomon & Ludwin LLC grew its stake in shares of Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 814 shares during the last quarter. WealthStone Inc. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $49,000. Ellevest Inc. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $60,000. Mackey Komara & Dankovich LLC raised its position in shares of Bank of America by 57.6% during the 2nd quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,274 shares during the period. Finally, Personal Wealth Partners acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $68,000. 68.48% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently issued reports on BAC shares. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Berenberg Bank set a $30.00 price objective on Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. Raymond James lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Morgan Stanley decreased their price objective on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Finally, Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $32.29.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Shares of BAC traded up $0.21 during mid-day trading on Wednesday, reaching $27.85. The company’s stock had a trading volume of 10,571,885 shares, compared to its average volume of 56,459,375. The business has a fifty day moving average of $28.35 and a 200 day moving average of $28.71. The company has a market cap of $257.19 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.15 and a beta of 1.60. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.17. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. On average, analysts predict that Bank of America Corp will post 2.75 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.59%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is presently 27.59%.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are typically 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Holder of Record

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

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