LJI Wealth Management LLC Sells 1,444 Shares of Bank of America Corporation $BAC

LJI Wealth Management LLC lessened its holdings in Bank of America Corporation (NYSE:BAC) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,613 shares of the financial services provider’s stock after selling 1,444 shares during the quarter. Bank of America accounts for approximately 0.4% of LJI Wealth Management LLC’s investment portfolio, making the stock its 28th biggest holding. LJI Wealth Management LLC’s holdings in Bank of America were worth $2,395,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Asset Management One Co. Ltd. lifted its position in shares of Bank of America by 7.8% in the second quarter. Asset Management One Co. Ltd. now owns 3,273,602 shares of the financial services provider’s stock worth $154,907,000 after purchasing an additional 237,888 shares in the last quarter. Lazard Freres Gestion S.A.S. lifted its position in shares of Bank of America by 10.5% in the second quarter. Lazard Freres Gestion S.A.S. now owns 66,352 shares of the financial services provider’s stock worth $3,139,000 after purchasing an additional 6,318 shares in the last quarter. Cardinal Point Capital Management ULC lifted its position in shares of Bank of America by 22.5% in the second quarter. Cardinal Point Capital Management ULC now owns 25,285 shares of the financial services provider’s stock worth $1,196,000 after purchasing an additional 4,644 shares in the last quarter. Carnegie Investment Counsel lifted its position in shares of Bank of America by 0.9% in the second quarter. Carnegie Investment Counsel now owns 484,766 shares of the financial services provider’s stock worth $22,939,000 after purchasing an additional 4,300 shares in the last quarter. Finally, Warburton Capital Management LLC lifted its position in shares of Bank of America by 3.1% in the second quarter. Warburton Capital Management LLC now owns 15,719 shares of the financial services provider’s stock worth $753,000 after purchasing an additional 469 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $51.77 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a market cap of $383.49 billion, a P/E ratio of 14.11, a P/E/G ratio of 1.94 and a beta of 1.33. The firm’s fifty day moving average price is $50.47 and its two-hundred day moving average price is $46.19. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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

Bank of America declared that its board has approved a stock buyback plan 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is 30.52%.

Insider Activity at Bank of America

In related 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 value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, 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 legal filing with the SEC, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Barclays boosted their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. UBS Group upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Finally, Morgan Stanley upped their price target on shares of Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.23.

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.