Bank of America Co. (NYSE:BAC) Major Shareholder Of America Corp /De/ Bank Sells 1,600 Shares

Bank of America Co. (NYSE:BAC) major shareholder Of America Corp /De/ Bank sold 1,600 shares of Bank of America stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $10.89, for a total transaction of $17,424.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Bank of America Stock Down 0.2 %

BAC opened at $39.71 on Tuesday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.19. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a fifty day moving average of $38.07 and a two-hundred day moving average of $35.24. The stock has a market capitalization of $310.51 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 1.76 and a beta of 1.36.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.94 earnings per share. On average, research analysts expect that Bank of America Co. will post 3.23 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.42%. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently modified their holdings of BAC. Wealth Alliance grew its stake in Bank of America by 15.1% during the 3rd quarter. Wealth Alliance now owns 19,369 shares of the financial services provider’s stock valued at $530,000 after acquiring an additional 2,545 shares in the last quarter. Greenleaf Trust grew its stake in Bank of America by 2.7% during the 3rd quarter. Greenleaf Trust now owns 167,497 shares of the financial services provider’s stock valued at $4,586,000 after acquiring an additional 4,436 shares in the last quarter. Investment House LLC grew its stake in Bank of America by 49.5% during the 3rd quarter. Investment House LLC now owns 221,798 shares of the financial services provider’s stock valued at $6,073,000 after acquiring an additional 73,442 shares in the last quarter. Sanders Capital LLC grew its stake in Bank of America by 0.6% during the 3rd quarter. Sanders Capital LLC now owns 3,029,754 shares of the financial services provider’s stock valued at $82,955,000 after acquiring an additional 19,080 shares in the last quarter. Finally, RS Crum Inc. purchased a new stake in Bank of America during the 3rd quarter valued at about $244,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. UBS Group reiterated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Jefferies Financial Group boosted their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, April 19th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $39.26.

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About Bank of America

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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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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