Psagot Value Holdings Ltd. Israel Sells 111,623 Shares of Bank of America Co. (NYSE:BAC)

Psagot Value Holdings Ltd. Israel decreased its holdings in Bank of America Co. (NYSE:BAC) by 65.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 58,350 shares of the financial services provider’s stock after selling 111,623 shares during the period. Psagot Value Holdings Ltd. Israel’s holdings in Bank of America were worth $1,638,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Roundview Capital LLC boosted its position in Bank of America by 1.5% in the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after buying an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P grew its position in Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,192 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares in the last quarter. First Western Trust Bank bought a new position in Bank of America in the first quarter valued at about $586,000. Finally, Pearl River Capital LLC acquired a new stake in shares of Bank of America during the first quarter valued at about $534,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. BMO Capital Markets dropped their price objective on shares of Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Morgan Stanley raised their price target on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price objective on shares of Bank of America in a research note on Tuesday. StockNews.com assumed coverage on Bank of America in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, HSBC started coverage on Bank of America in a research report on Thursday, September 7th. They issued a “buy” rating and a $35.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $36.31.

Bank of America Stock Performance

Shares of BAC opened at $28.88 on Thursday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $229.45 billion, a PE ratio of 8.30, a P/E/G ratio of 1.18 and a beta of 1.37. The stock has a 50-day moving average of $29.96 and a 200-day moving average of $29.33. Bank of America Co. has a one year low of $26.32 and a one year high of $38.60.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, August 31st. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.32%. Bank of America’s dividend payout ratio is currently 27.59%.

Insider Transactions at Bank of America

In related news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the sale, the insider now owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Dean C. Athanasia sold 77,806 shares of the firm’s stock in a transaction dated 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 $11,143,007.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $2,364,750.00. Following the completion of the transaction, the insider now owns 185,108 shares in the company, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

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. 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.