InTrack Investment Management Inc Sells 1,750 Shares of Bank of America Corporation $BAC

InTrack Investment Management Inc lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 10.0% during the second quarter, HoldingsChannel reports. The firm owned 15,698 shares of the financial services provider’s stock after selling 1,750 shares during the quarter. InTrack Investment Management Inc’s holdings in Bank of America were worth $743,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the period. Nicholas Hoffman & Company LLC. raised its stake in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after acquiring an additional 33,963 shares during the period. Sunbeam Capital Management LLC raised its stake in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares during the period. Prosperity Wealth Management Inc. bought a new stake in Bank of America in the 1st quarter valued at $998,000. Finally, Alpha Cubed Investments LLC raised its stake in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after acquiring an additional 17,619 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $49.82 on Thursday. The business’s fifty day moving average is $49.50 and its 200-day moving average is $45.42. The firm has a market cap of $369.01 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. 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 released its quarterly earnings data 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. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America declared that its board has approved a stock repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Evercore ISI upped their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. HSBC upped their price objective on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.11.

Insiders Place Their Bets

In related 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 value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.30% of the stock is owned by company insiders.

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.