Eagle Ridge Investment Management Sells 6,794 Shares of Bank of America Corp (NYSE:BAC)

Eagle Ridge Investment Management decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 359,193 shares of the financial services provider’s stock after selling 6,794 shares during the period. Bank of America makes up 1.5% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 23rd largest holding. Eagle Ridge Investment Management’s holdings in Bank of America were worth $10,417,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Squar Milner Financial Services LLC boosted its stake in Bank of America by 1.3% during the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after acquiring an additional 348 shares in the last quarter. Barber Financial Group Inc. boosted its stake in Bank of America by 2.1% during the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after acquiring an additional 360 shares in the last quarter. Rowland & Co. Investment Counsel ADV boosted its stake in Bank of America by 9.7% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 360 shares in the last quarter. Kistler Tiffany Companies LLC boosted its stake in Bank of America by 2.4% during the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after acquiring an additional 365 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Bank of America by 2.0% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 368 shares in the last quarter. 69.50% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE BAC traded up $0.11 during midday trading on Thursday, hitting $26.53. The stock had a trading volume of 2,424,324 shares, compared to its average volume of 57,185,536. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The firm’s 50 day moving average is $29.20. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.49. The stock has a market cap of $257.28 billion, a P/E ratio of 10.16, a P/E/G ratio of 1.09 and a beta of 1.54.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same period in the previous year, the company earned $0.63 earnings per share. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Sell-side analysts expect that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.71%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s payout ratio is presently 22.99%.

BAC has been the topic of several analyst reports. Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research note on Tuesday, April 30th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $32.00 to $36.00 in a research note on Friday, July 26th. BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a research note on Monday, June 17th. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research note on Monday, June 17th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company’s stock. Bank of America presently has an average rating of “Hold” and a consensus price target of $32.89.

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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