Bank of America Corporation $BAC Shares Sold by OLD Point Trust & Financial Services N A

OLD Point Trust & Financial Services N A lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 23.9% in the second quarter, HoldingsChannel reports. The fund owned 15,982 shares of the financial services provider’s stock after selling 5,016 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Bank of America were worth $756,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of Bank of America in the first quarter valued at $40,000. HighMark Wealth Management LLC lifted its holdings in shares of Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in shares of Bank of America by 41.2% in the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after buying an additional 306 shares during the period. Finally, Perkins Coie Trust Co lifted its holdings in shares of Bank of America by 67.8% in the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after buying an additional 423 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 1.6%

NYSE:BAC opened at $51.58 on Wednesday. The firm has a market capitalization of $382.05 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 2.03 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. 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 business’s fifty day moving average price is $49.24 and its 200 day moving average price is $45.09.

Bank of America (NYSE:BAC) last posted 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 analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.83 earnings per share. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is presently 32.75%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. Truist Financial upped their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. The Goldman Sachs Group set a $55.00 price objective on Bank of America in a report on Tuesday. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and boosted their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Evercore ISI boosted their target price on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.63.

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.