Curbstone Financial Management Corp Acquires 850 Shares of Bank of America Co. (NYSE:BAC)

Curbstone Financial Management Corp lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,592 shares of the financial services provider’s stock after purchasing an additional 850 shares during the period. Curbstone Financial Management Corp’s holdings in Bank of America were worth $677,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Tanglewood Legacy Advisors LLC bought a new position in Bank of America in the fourth quarter valued at about $26,000. Castleview Partners LLC acquired a new position in Bank of America during the 1st quarter valued at about $28,000. Ahrens Investment Partners LLC bought a new position in shares of Bank of America in the 1st quarter valued at about $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Bank of America during the 1st quarter worth approximately $34,000. Finally, Grey Fox Wealth Advisors LLC bought a new stake in shares of Bank of America during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the transaction, the insider now directly owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.44 during trading hours on Thursday, hitting $29.32. 8,821,064 shares of the stock were exchanged, compared to its average volume of 49,039,641. The company’s fifty day simple moving average is $29.96 and its two-hundred day simple moving average is $29.33. The company has a market cap of $232.99 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 1.18 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.83 and a current ratio of 0.83. Bank of America Co. has a 1-year low of $26.32 and a 1-year high of $38.60.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The firm had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter last year, the business posted $0.73 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.41 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Thursday, August 31st. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s payout ratio is 27.59%.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Morgan Stanley lifted their target price on shares of Bank of America from $32.00 to $33.00 in a report on Friday, July 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 price target on shares of Bank of America in a research report on Tuesday. Wells Fargo & Company lowered their target price on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, August 23rd. Oppenheimer decreased their price target on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a report on Friday, August 18th. Finally, BMO Capital Markets decreased their target price on Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Hold” and a consensus price target of $36.31.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.