Bank of America Co. (NYSE:BAC) Stock Holdings Raised by Greenfield Savings Bank

Greenfield Savings Bank raised its stake in Bank of America Co. (NYSE:BAC) by 1.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 41,013 shares of the financial services provider’s stock after acquiring an additional 620 shares during the period. Greenfield Savings Bank’s holdings in Bank of America were worth $1,177,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tanglewood Legacy Advisors LLC acquired a new position in Bank of America during the 4th quarter valued at about $26,000. Castleview Partners LLC acquired a new stake in shares of Bank of America in the 1st quarter worth approximately $28,000. Ahrens Investment Partners LLC acquired a new stake in shares of Bank of America in the 1st quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Bank of America in the 1st quarter worth approximately $34,000. Finally, Grey Fox Wealth Advisors LLC acquired a new stake in shares of Bank of America in the 4th quarter worth approximately $35,000. Institutional investors own 68.06% of the company’s stock.

Bank of America Stock Up 1.1 %

Bank of America stock opened at $29.20 on Friday. The firm has a market cap of $232.03 billion, a PE 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 quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50 day moving average price is $29.96 and its two-hundred day moving average price is $29.33. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $38.60.

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.29%. This is an increase from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, August 31st. Bank of America’s payout ratio is currently 27.59%.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Bank of America from $28.00 to $27.50 in a report on Friday. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 target price on shares of Bank of America in a report on Tuesday. Wells Fargo & Company dropped their target price on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, August 23rd. HSBC initiated coverage on shares of Bank of America in a report on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $32.00 to $33.00 in a report on Friday, July 7th. Two research 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, Bank of America has an average rating of “Hold” and a consensus price target of $35.98.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, 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 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 SEC, which is available through this link. Also, 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 sale, the insider now directly owns 185,108 shares of the company’s stock, valued at $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 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.