Brooks Moore & Associates Inc. Sells 400 Shares of Bank of America Corporation $BAC

Brooks Moore & Associates Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,222 shares of the financial services provider’s stock after selling 400 shares during the quarter. Brooks Moore & Associates Inc.’s holdings in Bank of America were worth $1,678,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in BAC. Brighton Jones LLC increased its stake in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after buying an additional 226,246 shares during the period. Mission Creek Capital Partners Inc. purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $942,000. Shorepoint Capital Partners LLC boosted its position in shares of Bank of America by 1.3% during the fourth quarter. Shorepoint Capital Partners LLC now owns 75,739 shares of the financial services provider’s stock valued at $3,329,000 after buying an additional 979 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $31,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $49.4850 on Monday. The company has a market cap of $366.53 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.92 and a beta of 1.31. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.66. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a 50 day moving average of $47.06 and a two-hundred day moving average of $43.81.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.83 earnings per share. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research report on Monday, June 23rd. Truist Financial boosted their target price on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Robert W. Baird restated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Oppenheimer boosted their target price on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Finally, Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.13.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.