Summit X LLC trimmed its holdings in shares of Bank of America Corp (NYSE:BAC) by 7.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,150 shares of the financial services provider’s stock after selling 1,224 shares during the period. Summit X LLC’s holdings in Bank of America were worth $442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Larson Financial Group LLC lifted its holdings in shares of Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 880 shares during the last quarter. Salomon & Ludwin LLC lifted its holdings 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. purchased a new stake in shares of Bank of America in the 2nd quarter valued at about $49,000. Ellevest Inc. purchased a new stake in shares of Bank of America in the 2nd quarter valued at about $60,000. Finally, Intercontinental Wealth Advisors LLC lifted its holdings in shares of Bank of America by 39.2% in the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 600 shares during the last quarter. 68.52% of the stock is owned by institutional investors.
BAC traded up $0.61 on Wednesday, hitting $30.34. 4,698,302 shares of the company traded hands, compared to its average volume of 54,990,360. The company has a 50 day moving average of $28.64 and a 200-day moving average of $28.77. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $282.83 billion, a PE ratio of 11.62, a PEG ratio of 1.14 and a beta of 1.60. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.17.
Bank of America declared that its board has initiated a stock buyback program on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.37%. Bank of America’s dividend payout ratio is currently 27.59%.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.
Several research firms have recently weighed in on BAC. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Morgan Stanley reduced their target price 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. JPMorgan Chase & Co. reduced their target price on Bank of America from $31.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. Raymond James downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Finally, DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $32.32.
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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