Members Trust Co Buys 1,292 Shares of Bank of America Corporation $BAC

Members Trust Co boosted its stake in Bank of America Corporation (NYSE:BAC) by 26.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,111 shares of the financial services provider’s stock after purchasing an additional 1,292 shares during the period. Members Trust Co’s holdings in Bank of America were worth $289,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Wealth Advisory Solutions LLC lifted its stake in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Cyndeo Wealth Partners LLC raised its stake in shares of Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock valued at $1,344,000 after acquiring an additional 221 shares during the last quarter. Centurion Wealth Management LLC raised its stake in shares of Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the last quarter. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% during the second 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 last quarter. Finally, Cape Investment Advisory Inc. raised its stake in shares of Bank of America by 1.9% during the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Daiwa Capital Markets raised their price target on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. UBS Group lifted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Robert W. Baird reissued a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 target price (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $57.23.

Bank of America Stock Down 1.0%

Shares of NYSE BAC opened at $51.52 on Wednesday. The stock has a market capitalization of $381.58 billion, a P/E ratio of 14.04, a P/E/G ratio of 1.98 and a beta of 1.33. The company has a 50-day moving average price of $50.31 and a 200-day moving average price of $46.04. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board 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.