Associated Banc Corp Sells 10,053 Shares of Bank of America Corporation $BAC

Associated Banc Corp reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 360,130 shares of the financial services provider’s stock after selling 10,053 shares during the quarter. Associated Banc Corp’s holdings in Bank of America were worth $17,041,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Wealth Advisory Solutions LLC increased its holdings in Bank of America by 4.4% during the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares during the last quarter. Ballast Advisors LLC grew its position in shares of Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after acquiring an additional 218 shares during the period. Cyndeo Wealth Partners LLC grew its position in shares of Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after acquiring an additional 221 shares during the period. Centurion Wealth Management LLC increased its stake in shares of Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Argus upped their price target on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. The Goldman Sachs Group cut their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Deutsche Bank Aktiengesellschaft raised their target price 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, Barclays increased their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Twenty-three 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, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Trading Up 0.6%

Shares of BAC stock opened at $51.89 on Tuesday. 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 stock has a market capitalization of $378.93 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The stock’s 50-day moving average price is $51.78 and its 200-day moving average price is $48.56.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 earnings per share. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Bank of America 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.