Bank of America Co. (NYSE:BAC) Shares Sold by Rise Advisors LLC

Rise Advisors LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 4.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,095 shares of the financial services provider’s stock after selling 532 shares during the quarter. Rise Advisors LLC’s holdings in Bank of America were worth $318,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Tanglewood Legacy Advisors LLC acquired a new position in Bank of America in the fourth quarter valued at $26,000. Castleview Partners LLC purchased a new position in Bank of America during the 1st quarter worth approximately $28,000. Ahrens Investment Partners LLC acquired a new position in Bank of America during the first quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Bank of America in the first quarter valued at approximately $34,000. Finally, Grey Fox Wealth Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 68.06% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total value of $2,449,332.88. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the insider now 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. Also, insider James P. Demare sold 75,000 shares of Bank of America 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 sale, the insider now directly owns 185,108 shares in the company, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BAC shares. StockNews.com began coverage on shares of Bank of America in a report on Thursday, August 17th. They issued a “hold” rating for the company. Morgan Stanley lifted their target price on Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. HSBC initiated coverage on Bank of America in a research note on Thursday, September 7th. They set a “buy” rating and a $35.00 price target for the company. BMO Capital Markets cut their price objective on shares of Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Finally, Piper Sandler lowered their target price on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.98.

Bank of America Stock Down 1.2 %

Shares of BAC stock traded down $0.36 during trading hours on Friday, reaching $28.84. The company had a trading volume of 61,661,118 shares, compared to its average volume of 35,280,944. The company has a market capitalization of $229.17 billion, a P/E ratio of 8.29, a price-to-earnings-growth ratio of 1.22 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. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $38.60. The stock’s fifty day simple moving average is $29.98 and its 200 day simple moving average is $29.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $25.20 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same period last year, the business earned $0.73 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect 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. Investors of record on Friday, September 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Thursday, August 31st. This is an increase from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s dividend 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.