Annex Advisory Services LLC Has $314,000 Position in Bank of America Co. (NYSE:BAC)

Annex Advisory Services LLC lowered its position in Bank of America Co. (NYSE:BAC) by 31.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,898 shares of the financial services provider’s stock after selling 3,630 shares during the period. Annex Advisory Services LLC’s holdings in Bank of America were worth $314,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ethos Financial Group LLC increased its holdings in Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after buying an additional 492 shares during the last quarter. Auxano Advisors LLC grew its holdings in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares during the last quarter. DiNuzzo Private Wealth Inc. acquired a new position in Bank of America during the fourth quarter valued at approximately $105,000. Concord Wealth Partners grew its holdings in Bank of America by 10.2% during the fourth quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after purchasing an additional 5,103 shares during the last quarter. Finally, Barometer Capital Management Inc. acquired a new position in Bank of America during the fourth quarter valued at approximately $2,175,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock traded up $0.07 during midday trading on Friday, hitting $38.28. The stock had a trading volume of 26,411,232 shares, compared to its average volume of 39,617,418. The firm has a market capitalization of $299.36 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 1.41 and a beta of 1.35. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a 50-day simple moving average of $40.31 and a 200 day simple moving average of $37.68. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $0.88 earnings per share. As a group, equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.72%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BAC shares. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a report on Friday, April 19th. JPMorgan Chase & Co. increased their price target on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Cfra reiterated a “sell” rating and set a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Evercore ISI increased their price target on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.07.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,549,666 shares of company stock valued at $2,403,801,723. 0.29% of the stock is currently owned by company insiders.

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.