Bank of America Corporation $BAC Shares Sold by Davidson Trust Co.

Davidson Trust Co. lowered its stake in Bank of America Corporation (NYSE:BAC) by 8.4% during the second quarter, Holdings Channel.com reports. The fund owned 5,409 shares of the financial services provider’s stock after selling 493 shares during the quarter. Davidson Trust Co.’s holdings in Bank of America were worth $256,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its stake in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth $28,000. CGC Financial Services LLC boosted its stake in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth $33,000. Finally, Cloud Capital Management LLC acquired a new stake in Bank of America during the 1st quarter worth $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BAC. Morgan Stanley lifted their target price on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. JPMorgan Chase & Co. increased their price target on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a report on Saturday. Citigroup increased their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.64.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Trading Up 2.4%

Shares of BAC stock opened at $50.04 on Wednesday. The company’s 50-day moving average price is $49.76 and its 200-day moving average price is $45.62. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market cap of $370.62 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is presently 32.75%.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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