Confluence Wealth Services Inc. Sells 868 Shares of Bank of America Corporation $BAC

Confluence Wealth Services Inc. lowered its holdings in Bank of America Corporation (NYSE:BAC) by 4.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,254 shares of the financial services provider’s stock after selling 868 shares during the period. Confluence Wealth Services Inc.’s holdings in Bank of America were worth $864,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BAC. Wealth Advisory Solutions LLC lifted its holdings in Bank of America by 4.4% during the 2nd 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 in the last quarter. Centurion Wealth Management LLC lifted 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 buying an additional 225 shares in the last quarter. Nova Wealth Management Inc. boosted its position 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 valued at $25,000 after acquiring an additional 227 shares during the period. Cape Investment Advisory Inc. grew its stake in Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares in the last quarter. Finally, Rainier Family Wealth Inc. increased its holdings in Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 239 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Evercore ISI raised their price target on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. The Goldman Sachs Group lifted their price objective on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Wells Fargo & Company raised their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Deutsche Bank Aktiengesellschaft raised their target price 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. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $53.38.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of the 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 sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.36 on Tuesday. 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 stock has a market cap of $373.01 billion, a PE ratio of 14.73, a PEG ratio of 1.96 and a beta of 1.33. The company’s fifty day moving average is $49.42 and its 200 day moving average is $45.35. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

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

Bank of America Increases Dividend

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

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

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