Hoertkorn Richard Charles trimmed its position in shares of Bank of America Co. (NYSE:BAC – Free Report) by 0.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 319,153 shares of the financial services provider’s stock after selling 1,000 shares during the period. Bank of America accounts for 4.4% of Hoertkorn Richard Charles’ portfolio, making the stock its 8th largest holding. Hoertkorn Richard Charles’ holdings in Bank of America were worth $9,156,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Tanglewood Legacy Advisors LLC purchased a new position in Bank of America during the fourth quarter valued at $26,000. Castleview Partners LLC purchased a new position in Bank of America during the first quarter valued at $28,000. Ahrens Investment Partners LLC purchased a new position in Bank of America during the first quarter valued at $31,000. Strategic Investment Solutions Inc. IL purchased a new position in Bank of America during the first quarter valued at $34,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in Bank of America during the fourth quarter valued at $35,000. 68.06% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
BAC has been the subject of a number of recent research reports. HSBC initiated coverage on shares of Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 price objective for the company. Oppenheimer dropped their price objective on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. 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. BMO Capital Markets dropped their price objective on shares of Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Two equities research 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.com, Bank of America currently has an average rating of “Hold” and a consensus price target of $35.98.
Insider Buying and Selling
In other Bank of America news, 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 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider James P. Demare sold 75,000 shares of the stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction that occurred 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 sale, 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. Insiders own 0.27% of the company’s stock.
Bank of America Stock Performance
BAC traded down $0.18 during trading on Friday, hitting $29.02. The stock had a trading volume of 12,817,154 shares, compared to its average volume of 49,031,492. 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 has a market capitalization of $230.60 billion, a P/E ratio of 8.39, a PEG ratio of 1.21 and a beta of 1.37. The company’s 50-day moving average price is $29.96 and its 200 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 – Get Free Report) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The business had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period in the prior year, the company posted $0.73 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.41 EPS 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. Investors of record on Friday, September 1st will be given a $0.24 dividend. The ex-dividend date is Thursday, August 31st. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.31%. Bank of America’s payout ratio is currently 27.59%.
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.
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