Nisa Investment Advisors LLC Lowers Stake in Bank of America Corporation $BAC

Nisa Investment Advisors LLC lessened its position in Bank of America Corporation (NYSE:BAC) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,903,578 shares of the financial services provider’s stock after selling 28,809 shares during the period. Bank of America comprises 0.6% of Nisa Investment Advisors LLC’s portfolio, making the stock its 18th largest holding. Nisa Investment Advisors LLC’s holdings in Bank of America were worth $137,397,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. GAMMA Investing LLC increased its stake in Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after purchasing an additional 8,435 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Bank of America by 15.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,007,867 shares of the financial services provider’s stock worth $39,119,000 after buying an additional 133,813 shares during the period. 3Chopt Investment Partners LLC lifted its position in Bank of America by 11.1% during the first quarter. 3Chopt Investment Partners LLC now owns 50,394 shares of the financial services provider’s stock worth $2,103,000 after buying an additional 5,040 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Bank of America by 21.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,495,379 shares of the financial services provider’s stock worth $103,533,000 after buying an additional 442,280 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

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 transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $52.44 on Friday. The company’s fifty day simple moving average is $50.58 and its 200-day simple moving average is $46.39. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $388.38 billion, a PE ratio of 14.29, a P/E/G ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the company earned $0.81 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign 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 paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Analyst Ratings Changes

A number of research firms have recently commented on BAC. HSBC upped their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Oppenheimer upped their price target on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Royal Bank Of Canada boosted their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Finally, TD Cowen upped their price objective on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $57.23.

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.