Bank of America Corporation $BAC Shares Sold by Twin City Private Wealth LLC

Twin City Private Wealth LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 8.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,334 shares of the financial services provider’s stock after selling 1,013 shares during the period. Twin City Private Wealth LLC’s holdings in Bank of America were worth $489,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BAC. Nova Wealth Management Inc. grew 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 worth $25,000 after acquiring an additional 227 shares in the last quarter. Quaker Wealth Management LLC grew its holdings in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC boosted its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $33,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. The Goldman Sachs Group decreased their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Wolfe Research lifted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Robert W. Baird lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday. Argus lifted their price target on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Finally, Barclays lifted their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Trading Up 1.0%

Bank of America stock opened at $53.55 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average price of $51.03 and a two-hundred day moving average price of $46.96. The firm has a market capitalization of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.64.

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

Bank of America Dividend Announcement

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

Bank of America declared that its board has initiated a share repurchase 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.