GWN Securities Inc. Has $333,000 Holdings in Bank of America Corporation $BAC

GWN Securities Inc. lessened its position in Bank of America Corporation (NYSE:BAC) by 95.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,021 shares of the financial services provider’s stock after selling 142,205 shares during the quarter. GWN Securities Inc.’s holdings in Bank of America were worth $333,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Bank of New York Mellon Corp boosted its position in shares of Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after buying an additional 803,570 shares during the period. Deutsche Bank AG boosted its position in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Amundi boosted its position in Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP grew its stake in Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after acquiring an additional 188,638 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Bank of America by 5.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after purchasing an additional 894,027 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on BAC. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Wells Fargo & Company upped their price target on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. The Goldman Sachs Group reduced their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday. Finally, Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.27.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on 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 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 document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 0.6%

Bank of America stock opened at $52.58 on Thursday. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.28. The company’s fifty day moving average price is $50.86 and its two-hundred day moving average price is $46.80. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $389.43 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 2.00 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly 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. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 EPS. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued 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 (DPR) is 30.52%.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding 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 generally a sign that the company’s management believes its stock is undervalued.

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.