Foster Group Inc. Invests $203,000 in Bank of America Co. (NYSE:BAC)

Foster Group Inc. purchased a new position in shares of Bank of America Co. (NYSE:BACFree Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 7,083 shares of the financial services provider’s stock, valued at approximately $203,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Roundview Capital LLC lifted its holdings in shares of Bank of America by 1.5% during the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after acquiring an additional 2,013 shares during the period. Loomis Sayles & Co. L P lifted its holdings in shares of Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,192 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Bank of America by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after acquiring an additional 16,319 shares during the period. First Western Trust Bank acquired a new position in Bank of America during the 1st quarter worth approximately $586,000. Finally, Pearl River Capital LLC acquired a new position in Bank of America during the 1st quarter worth approximately $534,000. Institutional investors own 68.06% of the company’s stock.

Insider Buying and Selling

In related news, insider Dean C. Athanasia sold 77,806 shares of the 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 transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider James P. Demare sold 75,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of the firm’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 transaction, the insider now directly owns 353,971 shares in the company, valued at $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. 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. 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. HSBC assumed coverage on shares of Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 price objective 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. Finally, BMO Capital Markets decreased their price target on shares of Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Two 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 MarketBeat, Bank of America has an average rating of “Hold” and a consensus target price of $35.98.

View Our Latest Stock Report on BAC

Bank of America Trading Down 1.2 %

NYSE:BAC opened at $28.84 on Friday. The firm’s fifty day moving average is $29.98 and its 200-day moving average is $29.25. 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 52 week low of $26.32 and a 52 week high of $38.60. The firm has a market cap of $229.17 billion, a P/E ratio of 8.29, a P/E/G ratio of 1.22 and a beta of 1.37.

Bank of America (NYSE:BACGet 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. 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 for the quarter, compared to analyst estimates of $24.98 billion. During the same period in the prior year, the firm posted $0.73 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts expect 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 announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.24 per share. 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 yield of 3.33%. Bank of America’s dividend payout ratio is currently 27.59%.

About Bank of America

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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