Contravisory Investment Management Inc. Trims Stock Holdings in Bank of America Corporation $BAC

Contravisory Investment Management Inc. decreased its stake in Bank of America Corporation (NYSE:BAC) by 4.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 225,878 shares of the financial services provider’s stock after selling 9,805 shares during the quarter. Bank of America comprises 2.3% of Contravisory Investment Management Inc.’s portfolio, making the stock its 6th biggest holding. Contravisory Investment Management Inc.’s holdings in Bank of America were worth $11,653,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Nova Wealth Management Inc. lifted its position in shares of 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 purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC grew its stake in 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 valued at $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $28,000. Steph & Co. boosted its position in shares of Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares in the last quarter. Finally, CGC Financial Services LLC increased its position 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 buying an additional 521 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BAC. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Robert W. Baird raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Royal Bank Of Canada lifted their price target on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. JPMorgan Chase & Co. upped their price objective on 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, Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.59.

Bank of America Stock Down 0.6%

Shares of BAC opened at $54.23 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $56.07. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $52.76 and a two-hundred day simple moving average of $49.75. The company has a market capitalization of $396.01 billion, a PE ratio of 14.78 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its earnings results 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. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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