Acorn Financial Advisory Services Inc. ADV Sells 1,035 Shares of Bank of America Corporation $BAC

by · The Cerbat Gem

Acorn Financial Advisory Services Inc. ADV lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,500 shares of the financial services provider’s stock after selling 1,035 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in Bank of America were worth $592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC boosted its position in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Nicholas Hoffman & Company LLC. boosted its position in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC boosted its position in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. CCG Wealth Management LLC bought a new stake in Bank of America during the second quarter valued at about $287,000. Finally, Community Financial Services Group LLC boosted its position in Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock valued at $8,000,000 after purchasing an additional 5,787 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.4%

Shares of NYSE:BAC opened at $48.86 on Tuesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The stock has a market cap of $361.93 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.89 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a 50-day moving average price of $49.67 and a 200-day moving average price of $45.59.

Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period last year, the business posted $0.83 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have commented on BAC. Daiwa Capital Markets increased their price target on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Wells Fargo & Company increased their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. JPMorgan Chase & Co. increased their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday. Finally, The Goldman Sachs Group increased their price target on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $54.64.

Get Our Latest Stock Report on BAC

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by insiders.

Bank of America Profile

(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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