Capital Investment Advisors LLC Has $24.38 Million Holdings in Bank of America Corporation $BAC

Capital Investment Advisors LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.5% in the second quarter, Holdings Channel.com reports. The firm owned 515,243 shares of the financial services provider’s stock after selling 2,811 shares during the period. Capital Investment Advisors LLC’s holdings in Bank of America were worth $24,381,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Nicholas Hoffman & Company LLC. grew its holdings in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares in the last quarter. Gradient Investments LLC boosted its holdings in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after acquiring an additional 50,296 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in shares of Bank of America in the 1st quarter worth $998,000. Alpha Cubed Investments LLC raised its holdings in shares of Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Bank of America by 170.5% in the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after purchasing an additional 150,299 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.3%

Shares of Bank of America stock opened at $52.36 on Tuesday. The stock has a market capitalization of $387.83 billion, a P/E ratio of 15.31, a P/E/G ratio of 2.02 and a beta of 1.34. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock’s 50-day simple moving average is $49.16 and its 200 day simple moving average is $45.05.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.83 earnings per share. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America declared that its board has authorized a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Oppenheimer reduced their price objective on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Wells Fargo & Company increased their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. HSBC cut Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.82.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Bank of America Company 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.