Convergence Investment Partners LLC Sells 4,550 Shares of Bank of America Corporation $BAC

Convergence Investment Partners LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,083 shares of the financial services provider’s stock after selling 4,550 shares during the quarter. Bank of America comprises approximately 0.9% of Convergence Investment Partners LLC’s portfolio, making the stock its 22nd biggest holding. Convergence Investment Partners LLC’s holdings in Bank of America were worth $3,742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% during the 2nd 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. RMG Wealth Management LLC bought a new stake in Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC raised its holdings in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the period. Acima Private Wealth LLC bought a new position in shares of Bank of America in the second quarter worth $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America in the first quarter worth $40,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.3%

Shares of NYSE:BAC opened at $52.44 on Monday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The firm has a fifty day moving average of $50.58 and a 200 day moving average of $46.45. The firm has a market capitalization of $388.38 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping 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 company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Insider Transactions at Bank of America

In other Bank of America 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 transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BAC shares. Piper Sandler upped their price target on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. 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 report on Thursday, October 16th. Barclays upped their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. TD Cowen upped their price target on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target 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.