Brookstone Capital Management Sells 2,546 Shares of Bank of America Corporation $BAC

Brookstone Capital Management cut its position in shares of Bank of America Corporation (NYSE:BAC) by 2.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 105,208 shares of the financial services provider’s stock after selling 2,546 shares during the period. Brookstone Capital Management’s holdings in Bank of America were worth $4,978,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Boston Common Asset Management LLC grew its holdings in shares of Bank of America by 10.5% in 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. Disciplined Investments LLC purchased a new position in shares of Bank of America in the 2nd quarter worth $217,000. Nicholas Hoffman & Company LLC. increased its holdings in shares of 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 worth $2,589,000 after buying an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC raised its position in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after buying an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC bought a new position in shares of Bank of America in the 2nd quarter valued at about $287,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Piper Sandler boosted their price objective on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. HSBC boosted their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Phillip Securities increased their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday. Seaport Global Securities lifted their price objective on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Finally, Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.23.

Bank of America Stock Performance

BAC stock opened at $51.77 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The firm has a market cap of $383.49 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.94 and a beta of 1.33. The business’s fifty day simple moving average is $50.47 and its two-hundred day simple moving average is $46.19. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

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.