SP Asset Management LLC Sells 1,762 Shares of Bank of America Corporation $BAC

by · The Markets Daily

SP Asset Management LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 0.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 382,257 shares of the financial services provider’s stock after selling 1,762 shares during the quarter. Bank of America comprises approximately 1.5% of SP Asset Management LLC’s portfolio, making the stock its 17th largest holding. SP Asset Management LLC’s holdings in Bank of America were worth $18,088,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Wealth Advisory Solutions LLC increased its holdings in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the period. Ballast Advisors LLC increased its holdings in shares of Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 218 shares during the period. Cyndeo Wealth Partners LLC increased its holdings in shares of Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the period. Centurion Wealth Management LLC increased its holdings in shares of Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares during the period. Finally, Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Morgan Stanley upped their price objective on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Piper Sandler upped their price objective on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Finally, Royal Bank Of Canada upped their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. 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, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

Check Out Our Latest Stock Report on Bank of America

Bank of America Price Performance

BAC stock opened at $52.44 on Thursday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.99. The company has a market cap of $382.94 billion, a P/E ratio of 14.29, a PEG ratio of 1.99 and a beta of 1.34. The firm has a 50-day moving average of $51.22 and a 200 day moving average of $47.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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

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

Bank of America Announces Dividend

The firm 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 dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

About Bank of America

(Free Report)

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.

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