Brighton Jones LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Brighton Jones LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 0.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 70,400 shares of the financial services provider’s stock after selling 342 shares during the period. Brighton Jones LLC’s holdings in Bank of America were worth $2,903,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Marcum Wealth LLC lifted its stake in shares of Bank of America by 3.6% in the second quarter. Marcum Wealth LLC now owns 30,454 shares of the financial services provider’s stock worth $1,256,000 after buying an additional 1,063 shares in the last quarter. National Asset Management Inc. lifted its stake in shares of Bank of America by 15.3% in the second quarter. National Asset Management Inc. now owns 183,593 shares of the financial services provider’s stock worth $7,570,000 after buying an additional 24,407 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in shares of Bank of America by 4.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 596,812 shares of the financial services provider’s stock worth $24,607,000 after buying an additional 25,169 shares in the last quarter. Nicholas Hoffman & Company LLC. increased its position in Bank of America by 14.8% during the second quarter. Nicholas Hoffman & Company LLC. now owns 38,305 shares of the financial services provider’s stock worth $1,579,000 after purchasing an additional 4,932 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC increased its position in Bank of America by 4.9% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 48,965 shares of the financial services provider’s stock worth $2,019,000 after purchasing an additional 2,272 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Vice Chairman Thong M. Nguyen sold 80,000 shares of Bank of America stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $39.98, for a total value of $3,198,400.00. Following the completion of the transaction, the insider now owns 337,006 shares in the company, valued at $13,473,499.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.22% of the stock is owned by insiders.

Shares of BAC stock traded up $0.28 during trading on Wednesday, reaching $40.12. The company’s stock had a trading volume of 900,219 shares, compared to its average volume of 49,445,723. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $337.61 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 1.72 and a beta of 1.55. The stock’s 50-day moving average price is $40.02 and its 200 day moving average price is $40.08. Bank of America Co. has a 1-year low of $22.95 and a 1-year high of $43.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The firm had revenue of $21.50 billion during the quarter, compared to analysts’ expectations of $21.77 billion. During the same quarter in the previous year, the business posted $0.37 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 24th. Investors of record on Friday, September 3rd will be paid a $0.21 dividend. The ex-dividend date is Thursday, September 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 2.09%. This is an increase from Bank of America’s previous quarterly dividend of $0.18. Bank of America’s payout ratio is currently 38.50%.

Several equities research analysts recently issued reports on the stock. Truist Securities assumed coverage on shares of Bank of America in a research report on Wednesday, June 2nd. They set a “buy” rating for the company. Odeon Capital Group upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price objective for the company in a research report on Monday. Credit Suisse Group raised their price objective on shares of Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Friday, July 16th. Keefe, Bruyette & Woods began coverage on shares of Bank of America in a research report on Wednesday, July 7th. They set a “market perform” rating and a $43.87 price objective for the company. Finally, Evercore ISI reiterated a “buy” rating and set a $43.00 price target on shares of Bank of America in a research report on Friday, July 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $40.42.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

Read More: How are institutional investors different from individual investors?

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

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