OLD Point Trust & Financial Services N A Has $756,000 Stock Position in Bank of America Corporation $BAC

OLD Point Trust & Financial Services N A cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 23.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,982 shares of the financial services provider’s stock after selling 5,016 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Bank of America were worth $756,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BAC. Deutsche Bank AG increased its holdings in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Unisphere Establishment increased its holdings in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $164,623,000. Maverick Capital Ltd. acquired a new position in shares of Bank of America during the 1st quarter worth approximately $152,098,000. Finally, AMF Tjanstepension AB increased its holdings in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after acquiring an additional 3,438,876 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. HSBC boosted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Evercore ISI upped their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Twenty-one analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.23.

Bank of America Stock Down 0.9%

Shares of NYSE:BAC opened at $51.05 on Thursday. The stock has a market cap of $378.09 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.95 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50 day moving average is $50.38 and its 200 day moving average is $46.08. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. 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 of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

About Bank of America

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.