Three Bridge Wealth Advisors LLC Sells 2,179 Shares of Bank of America Corporation $BAC

Three Bridge Wealth Advisors LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 29.8% during the 2nd quarter, Holdings Channel reports. The fund owned 5,121 shares of the financial services provider’s stock after selling 2,179 shares during the period. Three Bridge Wealth Advisors LLC’s holdings in Bank of America were worth $242,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in BAC. Deutsche Bank AG lifted its stake in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment lifted its stake in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after buying an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America in the second quarter valued at $164,623,000. Maverick Capital Ltd. bought a new position in shares of Bank of America in the first quarter valued at $152,098,000. Finally, AMF Tjanstepension AB raised its holdings in shares of Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after purchasing an additional 3,438,876 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Bank of America Stock Performance

Shares of Bank of America stock opened at $50.63 on Friday. The stock has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The firm’s 50-day moving average is $49.37 and its 200 day moving average is $45.28. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter last year, the business earned $0.83 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend 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 2.2%. Bank of America’s payout ratio is currently 32.75%.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday. Truist Financial increased their target price on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Morgan Stanley raised their price objective on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, Oppenheimer dropped their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Nineteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

About Bank of America

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.