Anderson Hoagland & Co. Sells 2,932 Shares of Bank of America Co. (NYSE:BAC)

Anderson Hoagland & Co. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 252,214 shares of the financial services provider’s stock after selling 2,932 shares during the quarter. Bank of America makes up approximately 0.9% of Anderson Hoagland & Co.’s portfolio, making the stock its 26th largest holding. Anderson Hoagland & Co.’s holdings in Bank of America were worth $7,236,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Tanglewood Legacy Advisors LLC bought a new stake in shares of Bank of America in the fourth quarter valued at $26,000. Castleview Partners LLC bought a new stake in Bank of America in the 1st quarter valued at about $28,000. Ahrens Investment Partners LLC purchased a new stake in Bank of America during the first quarter valued at about $31,000. Strategic Investment Solutions Inc. IL bought a new position in Bank of America during the first quarter worth about $34,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 68.06% of the company’s stock.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Oppenheimer cut their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a report on Friday, August 18th. Wells Fargo & Company decreased their price objective on Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 23rd. HSBC initiated coverage on Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price for the company. Finally, BMO Capital Markets decreased their price target on Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus target price of $35.98.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.30 during mid-day trading on Friday, reaching $28.90. 18,516,184 shares of the company were exchanged, compared to its average volume of 49,045,473. Bank of America Co. has a 52 week low of $26.32 and a 52 week high of $38.60. The company’s 50 day moving average price is $29.96 and its 200 day moving average price is $29.33. The stock has a market capitalization of $229.65 billion, a PE ratio of 8.39, a PEG ratio of 1.21 and a beta of 1.37. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12.

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

Bank of America Increases Dividend

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

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.