Bank of America Co. (NYSE:BAC) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its stake in Bank of America Co. (NYSE:BAC) by 3.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,373,282 shares of the financial services provider’s stock after selling 54,927 shares during the quarter. Bank of America makes up 0.5% of Amalgamated Bank’s holdings, making the stock its 26th largest holding. Amalgamated Bank’s holdings in Bank of America were worth $54,615,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. McAdam LLC lifted its position in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the period. BTC Capital Management Inc. lifted its position in Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co. boosted its stake in Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after buying an additional 248 shares in the last quarter. SNS Financial Group LLC increased its holdings in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after buying an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in shares of Bank of America by 0.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after buying an additional 251 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.2 %

Shares of BAC opened at $39.58 on Wednesday. The business’s fifty day moving average price is $40.07 and its two-hundred day moving average price is $38.80. The firm has a market capitalization of $309.53 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 earnings per share. On average, analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Barclays upped their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Evercore ISI upped their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. Insiders sold a total of 114,391,986 shares of company stock valued at $4,719,796,383 over the last ninety days. Insiders own 0.29% of the company’s stock.

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.