Waterfront Wealth Inc. Sells 861 Shares of Bank of America Corporation $BAC

Waterfront Wealth Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 4.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,477 shares of the financial services provider’s stock after selling 861 shares during the quarter. Waterfront Wealth Inc.’s holdings in Bank of America were worth $874,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several analysts have commented on BAC shares. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Citigroup raised their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Barclays raised their price objective 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. Finally, Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $57.27.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.58 on Thursday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.28. The company has a 50 day simple moving average of $50.86 and a two-hundred day simple moving average of $46.80. The company has a market capitalization of $389.43 billion, a price-to-earnings ratio of 14.33, a P/E/G ratio of 2.00 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 for the quarter, beating 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 business had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors 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 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America announced that its Board of Directors has authorized a stock 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

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.