Thrive Wealth Management LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Thrive Wealth Management LLC cut its stake in Bank of America Co. (NYSE:BAC) by 23.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,978 shares of the financial services provider’s stock after selling 2,774 shares during the period. Thrive Wealth Management LLC’s holdings in Bank of America were worth $258,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Tanglewood Legacy Advisors LLC purchased a new position in shares of Bank of America during the 4th quarter worth approximately $26,000. FNY Investment Advisers LLC raised its holdings in shares of Bank of America by 75.9% in the second quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 397 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America in the first quarter valued at $28,000. Ahrens Investment Partners LLC acquired a new stake in shares of Bank of America during the first quarter valued at $31,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Bank of America during the 1st quarter worth about $34,000. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly 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 SEC, which is accessible through this link. In related news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total value of $2,449,332.88. Following the sale, the insider now directly owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James P. Demare sold 75,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

Bank of America Trading Down 0.3 %

NYSE:BAC opened at $28.76 on Tuesday. The business’s 50-day moving average is $29.98 and its two-hundred day moving average is $29.22. The firm has a market capitalization of $228.54 billion, a PE ratio of 8.26, a price-to-earnings-growth ratio of 1.21 and a beta of 1.37. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.84 by $0.04. The business had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $0.73 EPS. Research analysts predict that Bank of America Co. will post 3.41 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.24 dividend. The ex-dividend date is Thursday, August 31st. This is an increase from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.34%. Bank of America’s dividend payout ratio is 27.59%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BAC shares. BMO Capital Markets decreased their price target on shares of Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Wells Fargo & Company lowered their target price on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, August 23rd. Oppenheimer decreased their price objective on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 18th. Morgan Stanley increased their target price on Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. Finally, Piper Sandler lowered their price target on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a report on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Bank of America has an average rating of “Hold” and a consensus price target of $35.98.

Bank of America Company 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. 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.