WASHINGTON TRUST Co Has $12.46 Million Stock Position in Bank of America Corporation $BAC

WASHINGTON TRUST Co trimmed its stake in Bank of America Corporation (NYSE:BAC) by 3.3% in the second quarter, Holdings Channel reports. The firm owned 263,220 shares of the financial services provider’s stock after selling 9,101 shares during the quarter. WASHINGTON TRUST Co’s holdings in Bank of America were worth $12,456,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Bank of America by 0.3% during the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after purchasing an additional 403,652 shares during the period. Deutsche Bank AG lifted its holdings in 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 buying an additional 14,960,086 shares during the period. Amundi grew its position in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after buying an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Bank of America by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after buying an additional 188,638 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Bank of America by 5.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after purchasing an additional 894,027 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.25 during trading on Thursday, hitting $53.86. 4,344,807 shares of the stock traded hands, compared to its average volume of 40,168,887. The stock has a market cap of $393.31 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The firm’s fifty day moving average is $51.52 and its 200-day moving average is $47.87.

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, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BAC. Oppenheimer boosted their price target on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. TD Cowen upped their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. The Goldman Sachs Group cut their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Finally, Dbs Bank upgraded Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.