Bank of America Corporation $BAC Shares Sold by Grant Private Wealth Management Inc

Grant Private Wealth Management Inc reduced its position in Bank of America Corporation (NYSE:BAC) by 93.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,685 shares of the financial services provider’s stock after selling 110,471 shares during the quarter. Grant Private Wealth Management Inc’s holdings in Bank of America were worth $396,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Wealth Advisory Solutions LLC increased its stake in Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the period. Ballast Advisors LLC grew its holdings in shares of Bank of America by 4.1% during the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after buying an additional 218 shares during the last quarter. AllSquare Wealth Management LLC increased its position in Bank of America by 1.0% in the 2nd quarter. AllSquare Wealth Management LLC now owns 23,072 shares of the financial services provider’s stock valued at $1,092,000 after acquiring an additional 220 shares during the period. Cyndeo Wealth Partners LLC raised its stake in 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 last quarter. Finally, Wealth Preservation Advisors LLC raised its stake in Bank of America by 48.7% during the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 223 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE:BAC opened at $54.81 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 company has a market capitalization of $400.24 billion, a P/E ratio of 14.93 and a beta of 1.30. The firm has a 50-day moving average price of $52.58 and a two-hundred day moving average price of $49.68. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $56.07.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate 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 $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the business earned $0.81 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared 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 of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. HSBC lifted their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. upped 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. Morgan Stanley lowered their target price on shares of Bank of America from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.86.

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.