Summit Wealth & Retirement Planning Inc. Sells 951 Shares of Bank of America Corporation $BAC

Summit Wealth & Retirement Planning Inc. lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 5.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,543 shares of the financial services provider’s stock after selling 951 shares during the quarter. Summit Wealth & Retirement Planning Inc.’s holdings in Bank of America were worth $735,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Quaker Wealth Management LLC grew its position 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 during the last quarter. RMG Wealth Management LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC increased its holdings in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC bought a new position in Bank of America in the 2nd quarter valued at $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.1%

Shares of NYSE BAC opened at $53.22 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.99. The firm’s 50-day moving average is $51.33 and its 200-day moving average is $47.51. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $388.62 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping 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 period in the previous year, the firm posted $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Dividend Announcement

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

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Citigroup upped their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Wolfe Research increased their price objective on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Seaport Global Securities raised their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Finally, Daiwa Capital Markets boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

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.