Enterprise Bank & Trust Co boosted its stake in Bank of America Co. (NYSE:BAC) by 39.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 19,495 shares of the financial services provider’s stock after acquiring an additional 5,563 shares during the period. Enterprise Bank & Trust Co’s holdings in Bank of America were worth $559,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Tanglewood Legacy Advisors LLC purchased a new position in shares of Bank of America during the 4th quarter worth about $26,000. Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter worth $28,000. Ahrens Investment Partners LLC acquired a new stake in shares of Bank of America during the first quarter valued at about $31,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Bank of America in the 1st quarter valued at approximately $34,000. Finally, Grey Fox Wealth Advisors LLC acquired a new position in Bank of America during the 4th quarter worth $35,000. Institutional investors and hedge funds own 68.06% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have commented on the stock. Morgan Stanley lifted their price objective on shares of Bank of America from $32.00 to $33.00 in a report on Friday, July 7th. Wells Fargo & Company decreased 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 report on Wednesday, August 23rd. Piper Sandler dropped their price objective on Bank of America from $28.00 to $27.50 in a research note on Friday. HSBC started coverage on shares of Bank of America in a research note on Thursday, September 7th. They set a “buy” rating and a $35.00 target price for the company. Finally, BMO Capital Markets cut their price objective on Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Two 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.98.
Bank of America Stock Up 1.1 %
BAC opened at $29.20 on Friday. The company has a market capitalization of $232.03 billion, a P/E ratio of 8.39, a P/E/G ratio of 1.21 and a beta of 1.37. 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 firm’s fifty day moving average price is $29.96 and its two-hundred day moving average price is $29.33. Bank of America Co. has a fifty-two week low of $26.32 and a fifty-two week high of $38.60.
Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The business had revenue of $25.20 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. Bank of America’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 EPS. On average, analysts anticipate that Bank of America Co. will post 3.41 EPS for the current year.
Bank of America Increases Dividend
The company also recently announced 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. The ex-dividend date is Thursday, August 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.29%. This is a boost from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s payout ratio is 27.59%.
Insider Transactions at Bank of America
In related news, insider Dean C. Athanasia sold 77,806 shares of the firm’s 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 completion of the sale, the insider now directly 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 available at the SEC website. In other Bank of America news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction on 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 owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total value of $2,449,332.88. Following the transaction, the insider now directly owns 353,971 shares in the company, valued at approximately $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is 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. 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.
- Five stocks we like better than Bank of America
- The How And Why of Investing in Oil Stocks
- Institutions and Insiders Are Gobbling Up Shares of HASI
- What Is WallStreetBets and What Stocks Are They Targeting?
- Investors Betting On Triple-Digit Sales Growth At Las Vegas Sands
- The How and Why of Investing in Gold Stocks
- 3 Reasons Why AMD Might Breakout Higher
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.