Bank of America Co. (NYSE:BAC) Shares Sold by World Asset Management Inc

World Asset Management Inc reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 228,059 shares of the financial services provider’s stock after selling 11,657 shares during the quarter. Bank of America makes up 0.9% of World Asset Management Inc’s investment portfolio, making the stock its 13th biggest holding. World Asset Management Inc’s holdings in Bank of America were worth $9,403,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BAC. Marcum Wealth LLC boosted its position in shares of Bank of America by 3.6% in the 2nd quarter. Marcum Wealth LLC now owns 30,454 shares of the financial services provider’s stock valued at $1,256,000 after purchasing an additional 1,063 shares during the period. National Asset Management Inc. boosted its position in shares of Bank of America by 15.3% in the 2nd quarter. National Asset Management Inc. now owns 183,593 shares of the financial services provider’s stock valued at $7,570,000 after purchasing an additional 24,407 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in shares of Bank of America by 4.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 596,812 shares of the financial services provider’s stock valued at $24,607,000 after purchasing an additional 25,169 shares during the period. Nicholas Hoffman & Company LLC. boosted its position in shares of Bank of America by 14.8% in the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 38,305 shares of the financial services provider’s stock valued at $1,579,000 after purchasing an additional 4,932 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of Bank of America by 4.9% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 48,965 shares of the financial services provider’s stock valued at $2,019,000 after purchasing an additional 2,272 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

In other Bank of America news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the firm’s stock in a transaction on Friday, August 6th. The stock was sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the completion of the transaction, the insider now owns 337,006 shares of the company’s stock, valued at $13,473,499.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.22% of the company’s stock.

NYSE BAC traded up $0.02 during mid-day trading on Wednesday, hitting $39.86. The stock had a trading volume of 815,873 shares, compared to its average volume of 49,445,723. Bank of America Co. has a 52-week low of $22.95 and a 52-week high of $43.49. The company has a market cap of $335.42 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 1.72 and a beta of 1.55. The company has a 50 day simple moving average of $40.02 and a 200 day simple moving average of $40.08. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.26. The company had revenue of $21.50 billion during the quarter, compared to the consensus estimate of $21.77 billion. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. Bank of America’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.37 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.34 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 3rd will be given a dividend of $0.21 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, September 2nd. This represents a $0.84 annualized dividend and a yield of 2.11%. Bank of America’s dividend payout ratio (DPR) is presently 38.50%.

A number of brokerages recently issued reports on BAC. Evercore ISI reissued a “buy” rating and issued a $43.00 target price on shares of Bank of America in a research report on Friday, July 2nd. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, June 18th. Credit Suisse Group increased their price objective on Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Friday, July 16th. Odeon Capital Group raised 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. Finally, Truist initiated coverage on Bank of America in a research report on Wednesday, June 2nd. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $40.42.

About Bank of America

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.

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

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