Checchi Capital Advisers LLC Sells 1,050 Shares of Bank of America Corporation $BAC

Checchi Capital Advisers LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 76,039 shares of the financial services provider’s stock after selling 1,050 shares during the period. Checchi Capital Advisers LLC’s holdings in Bank of America were worth $3,598,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Willner & Heller LLC grew its position in Bank of America by 7.3% in the 2nd quarter. Willner & Heller LLC now owns 5,995 shares of the financial services provider’s stock worth $284,000 after purchasing an additional 407 shares during the period. Oak Hill Wealth Advisors LLC boosted its stake in shares of Bank of America by 4.7% in the second quarter. Oak Hill Wealth Advisors LLC now owns 6,622 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 300 shares during the period. AMF Tjanstepension AB boosted its position in shares of Bank of America by 62.9% during the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after acquiring an additional 3,438,876 shares during the last quarter. Apexium Financial LP boosted its position in shares of Bank of America by 8.7% during the 2nd quarter. Apexium Financial LP now owns 15,132 shares of the financial services provider’s stock valued at $716,000 after acquiring an additional 1,217 shares during the last quarter. Finally, Peoples Bank OH lifted its position in Bank of America by 3.8% during the second quarter. Peoples Bank OH now owns 20,432 shares of the financial services provider’s stock valued at $967,000 after purchasing an additional 750 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.3%

NYSE:BAC opened at $50.63 on Friday. The stock has a market capitalization of $374.98 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock’s fifty day moving average is $49.37 and its two-hundred day moving average is $45.28.

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

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction 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 sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Evercore ISI raised their price objective on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. TD Cowen upped their price target on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Nineteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.38.

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.