Constitution Capital LLC Sells 1,850 Shares of Bank of America Co. (NYSE:BAC)

Constitution Capital LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 10.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,200 shares of the financial services provider’s stock after selling 1,850 shares during the period. Constitution Capital LLC’s holdings in Bank of America were worth $436,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Keel Point LLC increased its holdings in shares of Bank of America by 5.8% in the second quarter. Keel Point LLC now owns 19,449 shares of the financial services provider’s stock worth $558,000 after buying an additional 1,061 shares during the period. Lantz Financial LLC increased its holdings in shares of Bank of America by 8.5% in the second quarter. Lantz Financial LLC now owns 13,837 shares of the financial services provider’s stock worth $397,000 after buying an additional 1,085 shares during the period. Matthew Goff Investment Advisor LLC increased its holdings in shares of Bank of America by 4.1% in the second quarter. Matthew Goff Investment Advisor LLC now owns 469,542 shares of the financial services provider’s stock worth $13,468,000 after buying an additional 18,636 shares during the period. Capricorn Fund Managers Ltd increased its holdings in shares of Bank of America by 53.4% in the second quarter. Capricorn Fund Managers Ltd now owns 166,581 shares of the financial services provider’s stock worth $4,779,000 after buying an additional 58,005 shares during the period. Finally, Royal Fund Management LLC increased its holdings in shares of Bank of America by 19.7% in the second quarter. Royal Fund Management LLC now owns 44,694 shares of the financial services provider’s stock worth $1,282,000 after buying an additional 7,342 shares during the period. Institutional investors own 68.06% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider Dean C. Athanasia sold 77,806 shares of the company’s 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 completion of the sale, the insider now directly owns 353,971 shares in the company, valued at approximately $11,143,007.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total value of $2,364,750.00. Following the completion of the sale, 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 at the SEC website. Also, insider Dean C. Athanasia sold 77,806 shares of the company’s 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 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. Company insiders own 0.27% of the company’s stock.

Bank of America Stock Down 0.5 %

BAC stock traded down $0.13 during midday trading on Tuesday, hitting $28.63. The company’s stock had a trading volume of 7,550,162 shares, compared to its average volume of 48,945,594. The company has a market cap of $227.50 billion, a PE ratio of 8.28, a P/E/G ratio of 1.21 and a beta of 1.37. 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 firm’s 50-day moving average is $29.98 and its 200-day moving average is $29.22. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. The business had revenue of $25.20 billion during 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.41 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend 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 dividend on an annualized basis and a yield of 3.35%. Bank of America’s payout ratio is currently 27.59%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Piper Sandler decreased their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a report on Friday. Oppenheimer reduced their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 18th. StockNews.com initiated coverage on Bank of America in a report on Thursday, August 17th. They set a “hold” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $35.00 price target on shares of Bank of America in a report on Tuesday, September 12th. Finally, Morgan Stanley boosted their price target on Bank of America from $32.00 to $33.00 in a report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $35.98.

Bank of America 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.