CRA Financial Services LLC Acquires 4,346 Shares of Bank of America Co. (NYSE:BAC)

CRA Financial Services LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 10.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,054 shares of the financial services provider’s stock after purchasing an additional 4,346 shares during the period. CRA Financial Services LLC’s holdings in Bank of America were worth $1,293,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Old North State Trust LLC lifted its holdings in shares of Bank of America by 1.8% during the 1st quarter. Old North State Trust LLC now owns 23,584 shares of the financial services provider’s stock worth $675,000 after acquiring an additional 420 shares during the period. Lavaca Capital LLC lifted its holdings in shares of Bank of America by 7.3% during the 1st quarter. Lavaca Capital LLC now owns 12,216 shares of the financial services provider’s stock worth $373,000 after acquiring an additional 828 shares during the period. Independence Bank of Kentucky lifted its holdings in shares of Bank of America by 14.2% during the 2nd quarter. Independence Bank of Kentucky now owns 16,685 shares of the financial services provider’s stock worth $479,000 after acquiring an additional 2,075 shares during the period. ExodusPoint Capital Management LP bought a new stake in shares of Bank of America during the 1st quarter worth approximately $1,288,000. Finally, Connolly Sarah T. lifted its holdings in shares of Bank of America by 1.2% during the 1st quarter. Connolly Sarah T. now owns 67,258 shares of the financial services provider’s stock worth $1,924,000 after acquiring an additional 784 shares during the period. Institutional investors own 68.06% of the company’s stock.

Bank of America Stock Down 1.2 %

NYSE BAC traded down $0.36 on Friday, hitting $28.84. 61,661,118 shares of the company were exchanged, compared to its average volume of 35,280,944. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60. The stock has a fifty day moving average of $29.98 and a 200-day moving average of $29.25. 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 company has a market cap of $229.17 billion, a PE ratio of 8.29, a PEG ratio of 1.22 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. 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 during the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter last year, the company posted $0.73 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.41 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a 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 (DPR) is 27.59%.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction dated 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 transaction, the insider now owns 185,108 shares in the company, valued at $5,836,455.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Dean C. Athanasia sold 77,806 shares of Bank of America 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 $11,143,007.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction dated 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 completion of the transaction, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. Wells Fargo & Company cut their price target on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, August 23rd. StockNews.com assumed coverage on shares of Bank of America in a research report on Thursday, August 17th. They set a “hold” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a research report on Tuesday, September 12th. Morgan Stanley upped their price objective on shares of Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. Finally, Oppenheimer lowered 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 report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus price target of $35.98.

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.