Mountain Pacific Investment Advisers LLC Decreases Holdings in Bank of America Corporation $BAC

Mountain Pacific Investment Advisers LLC trimmed its position in Bank of America Corporation (NYSE:BAC) by 40.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,843 shares of the financial services provider’s stock after selling 3,900 shares during the period. Mountain Pacific Investment Advisers LLC’s holdings in Bank of America were worth $276,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Nova Wealth Management Inc. raised its stake in 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 valued at $25,000 after buying an additional 227 shares during the last quarter. Cloud Capital Management LLC acquired a new position in shares of Bank of America during the first quarter valued at about $40,000. HighMark Wealth Management LLC raised its position in shares of Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares during the last quarter. Cranbrook Wealth Management LLC boosted its stake in Bank of America by 41.2% in the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 306 shares in the last quarter. Finally, Perkins Coie Trust Co boosted its stake in Bank of America by 67.8% in the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 423 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.8%

Shares of BAC stock opened at $50.67 on Thursday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The stock has a market cap of $375.29 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.00 and a beta of 1.33. The stock has a 50 day moving average of $49.29 and a 200 day moving average of $45.13. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the firm earned $0.83 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BAC shares. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and upped their price target for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Royal Bank Of Canada upped their target price on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday. Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Finally, The Goldman Sachs Group set a $55.00 price objective on Bank of America in a research note on Tuesday. Seventeen 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.78.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.