Hedeker Wealth LLC Cuts Stake in Bank of America Corp (BAC)

Hedeker Wealth LLC lessened its holdings in Bank of America Corp (NYSE:BAC) by 19.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 122,690 shares of the financial services provider’s stock after selling 30,059 shares during the quarter. Bank of America makes up approximately 2.8% of Hedeker Wealth LLC’s holdings, making the stock its 3rd biggest holding. Hedeker Wealth LLC’s holdings in Bank of America were worth $2,894,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank of The West lifted its holdings in shares of Bank of America by 7.3% during the second quarter. Bank of The West now owns 167,138 shares of the financial services provider’s stock worth $4,712,000 after buying an additional 11,368 shares in the last quarter. RFG Advisory Group LLC lifted its holdings in shares of Bank of America by 56.5% during the second quarter. RFG Advisory Group LLC now owns 28,901 shares of the financial services provider’s stock worth $815,000 after buying an additional 10,433 shares in the last quarter. Hermes Investment Management Ltd. raised its stake in Bank of America by 14.7% in the second quarter. Hermes Investment Management Ltd. now owns 3,284,039 shares of the financial services provider’s stock valued at $92,577,000 after purchasing an additional 421,606 shares in the last quarter. Douglass Winthrop Advisors LLC raised its stake in Bank of America by 3.1% in the second quarter. Douglass Winthrop Advisors LLC now owns 67,456 shares of the financial services provider’s stock valued at $1,902,000 after purchasing an additional 2,037 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC raised its stake in Bank of America by 2.4% in the second quarter. Signature Estate & Investment Advisors LLC now owns 744,858 shares of the financial services provider’s stock valued at $20,998,000 after purchasing an additional 17,606 shares in the last quarter. 66.91% of the stock is currently owned by institutional investors.

A number of research analysts recently commented on the company. Citigroup boosted their price target on Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, April 24th. ValuEngine downgraded Bank of America from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Barclays boosted their target price on Bank of America from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 17th. Jefferies Financial Group restated a “buy” rating and set a $34.00 price target on shares of Bank of America in a report on Tuesday, April 17th. Finally, Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price target on the stock. in a report on Tuesday, April 17th. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Bank of America has an average rating of “Buy” and an average target price of $32.37.

Shares of Bank of America opened at $31.19 on Friday, Marketbeat reports. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. Bank of America Corp has a twelve month low of $22.75 and a twelve month high of $33.05. The company has a market cap of $323.70 billion, a PE ratio of 14.36, a PEG ratio of 1.56 and a beta of 1.29.

Bank of America (NYSE:BAC) last issued its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. Bank of America’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 earnings per share. equities analysts predict that Bank of America Corp will post 2.53 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be given a $0.15 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 1.92%. Bank of America’s dividend payout ratio is presently 26.23%.

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In related news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the sale, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.10% of the company’s stock.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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