Tower Research Capital LLC TRC Sells 48,145 Shares of Bank of America Corp (NYSE:BAC)

Tower Research Capital LLC TRC trimmed its holdings in shares of Bank of America Corp (NYSE:BAC) by 54.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,759 shares of the financial services provider’s stock after selling 48,145 shares during the period. Tower Research Capital LLC TRC’s holdings in Bank of America were worth $1,153,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the business. CNB Bank lifted its holdings in shares of Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 620 shares in the last quarter. Camarda Financial Advisors LLC lifted its holdings in shares of Bank of America by 167.2% in the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 1,067 shares in the last quarter. Personal Wealth Partners bought a new position in shares of Bank of America in the 2nd quarter worth $68,000. CX Institutional lifted its holdings in shares of Bank of America by 135.8% in the 2nd quarter. CX Institutional now owns 2,391 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,377 shares in the last quarter. Finally, Virtus ETF Advisers LLC bought a new position in shares of Bank of America in the 2nd quarter worth $70,000. Hedge funds and other institutional investors own 68.61% of the company’s stock.

In other Bank of America news, major shareholder Of America Corp /De/ Bank bought 5,370 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was purchased at an average cost of $11.83 per share, with a total value of $63,527.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.

A number of brokerages recently issued reports on BAC. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, July 10th. Keefe, Bruyette & Woods cut Bank of America from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $36.00 to $29.00 in a report on Thursday, September 5th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a report on Monday, June 17th. Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Finally, Morgan Stanley set a $31.00 price target on Bank of America and gave the company a “buy” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.29.

NYSE BAC traded up $0.50 on Friday, reaching $30.17. The company had a trading volume of 77,137,743 shares, compared to its average volume of 52,858,984. The stock has a market capitalization of $276.18 billion, a P/E ratio of 11.56, a P/E/G ratio of 1.17 and a beta of 1.57. The company’s fifty day moving average is $28.15 and its 200 day moving average is $28.70. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.37. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The firm had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. During the same period last year, the firm posted $0.63 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. On average, research analysts expect that Bank of America Corp will post 2.82 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.39%. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.

Bank of America Company 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Quick Ratio

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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