Triad Financial Advisors Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC – Free Report) by 41.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,934 shares of the financial services provider’s stock after selling 7,686 shares during the period. Triad Financial Advisors Inc.’s holdings in Bank of America were worth $313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its position in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after buying an additional 192,989,515 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 22.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 127,177,786 shares of the financial services provider’s stock valued at $4,212,128,000 after buying an additional 23,532,190 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 123,636,775 shares of the financial services provider’s stock valued at $4,087,307,000 after buying an additional 1,327,840 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter valued at about $3,436,543,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock valued at $1,522,699,000 after purchasing an additional 603,512 shares during the last quarter. 67.34% of the stock is currently owned by institutional investors.
Bank of America Stock Performance
Shares of NYSE BAC traded up $0.10 during midday trading on Friday, reaching $31.51. 16,959,717 shares of the stock were exchanged, compared to its average volume of 51,463,918. The firm has a market cap of $250.39 billion, a price-to-earnings ratio of 9.07, a PEG ratio of 1.31 and a beta of 1.36. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $38.60. The firm has a 50-day simple moving average of $29.56 and a two-hundred day simple moving average of $30.53. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The business had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The business’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $0.73 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.41 EPS for the current fiscal year.
Bank of America Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.24 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.05%. Bank of America’s dividend payout ratio (DPR) is presently 25.29%.
Analysts Set New Price Targets
Several equities analysts recently commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Bank of America from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Monday, April 10th. StockNews.com assumed coverage on shares of Bank of America in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Wells Fargo & Company decreased their price objective on shares of Bank of America from $45.00 to $40.00 in a research report on Thursday, July 6th. BMO Capital Markets decreased their price objective on shares of Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Finally, Citigroup decreased their price objective on shares of Bank of America from $38.00 to $33.00 and set a “neutral” rating for the company in a research report on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.26.
View Our Latest Research Report on BAC
Insider Activity at Bank of America
In related news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of Bank of America stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the sale, the insider now directly owns 353,971 shares in the company, valued at approximately $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is owned by corporate insiders.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
Further Reading
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