Legacy Private Trust Co. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 13.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,228 shares of the financial services provider’s stock after selling 21,026 shares during the period. Legacy Private Trust Co.’s holdings in Bank of America were worth $3,736,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Tanglewood Legacy Advisors LLC bought a new stake in Bank of America in the 4th quarter valued at $26,000. Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter worth about $28,000. Grey Fox Wealth Advisors LLC bought a new position in shares of Bank of America during the fourth quarter worth about $35,000. Ahrens Investment Partners LLC acquired a new stake in Bank of America in the 1st quarter valued at approximately $31,000. Finally, Live Oak Investment Partners bought a new stake in Bank of America in the 4th quarter valued at approximately $39,000. 68.06% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
BAC has been the topic of a number of research reports. HSBC started coverage on shares of Bank of America in a research report on Thursday, September 7th. They issued a “buy” rating and a $35.00 price objective on the stock. StockNews.com started coverage on shares of Bank of America in a research note on Thursday, August 17th. They set a “hold” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $35.00 target price on shares of Bank of America in a research report on Tuesday. BMO Capital Markets decreased their price target on Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Finally, Wells Fargo & Company dropped 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $35.98.
Bank of America Price Performance
NYSE:BAC traded down $0.29 on Friday, hitting $28.91. The company had a trading volume of 17,585,957 shares, compared to its average volume of 49,038,918. Bank of America Co. has a 52 week low of $26.32 and a 52 week high of $38.60. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $229.73 billion, a price-to-earnings ratio of 8.39, a PEG ratio of 1.21 and a beta of 1.37. The firm has a 50 day moving average of $29.96 and a two-hundred day moving average of $29.33.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. The company 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 quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.73 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.41 earnings per share for the current year.
Bank of America Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.24 per share. This is a positive change 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 annualized dividend and a dividend yield of 3.32%. Bank of America’s dividend payout ratio is presently 27.59%.
Insider Buying and Selling
In other Bank of America news, insider James P. Demare sold 75,000 shares of the stock in a transaction that occurred 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 directly owns 185,108 shares in the company, valued at approximately $5,836,455.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 185,108 shares in the company, valued at $5,836,455.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dean C. Athanasia sold 77,806 shares of the firm’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 completion of the sale, the insider now 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 currently owned by insiders.
About Bank of America
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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