Azora Capital LP Cuts Holdings in Bank of America Corporation $BAC

Azora Capital LP cut its position in shares of Bank of America Corporation (NYSE:BAC) by 11.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,965,563 shares of the financial services provider’s stock after selling 378,800 shares during the quarter. Bank of America accounts for about 6.3% of Azora Capital LP’s portfolio, making the stock its 2nd biggest holding. Azora Capital LP’s holdings in Bank of America were worth $140,330,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BAC. Quaker Wealth Management LLC lifted its position in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares in the last quarter. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new position in Bank of America in the second quarter valued at approximately $28,000. CGC Financial Services LLC raised its stake in shares of 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 worth $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.7%

Shares of BAC opened at $53.52 on Wednesday. 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 $390.81 billion, a PE ratio of 14.58 and a beta of 1.30. The firm’s 50 day moving average is $52.15 and its 200-day moving average is $49.30. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.83.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion for 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 company’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. TD Cowen upped their price objective on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Phillip Securities boosted their target price on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Finally, Morgan Stanley raised their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

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.