Charles Schwab Trust Co Has $548,000 Position in Bank of America Corporation $BAC

Charles Schwab Trust Co grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 40.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,587 shares of the financial services provider’s stock after purchasing an additional 3,310 shares during the quarter. Charles Schwab Trust Co’s holdings in Bank of America were worth $548,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Hengehold Capital Management LLC raised its stake in Bank of America by 7.3% in the second quarter. Hengehold Capital Management LLC now owns 8,558 shares of the financial services provider’s stock valued at $405,000 after buying an additional 584 shares during the last quarter. Blossom Wealth Management lifted its stake in shares of Bank of America by 3.8% during the second quarter. Blossom Wealth Management now owns 15,257 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 565 shares in the last quarter. KG&L Capital Management LLC boosted its stake in Bank of America by 1.9% in the second quarter. KG&L Capital Management LLC now owns 105,889 shares of the financial services provider’s stock valued at $5,011,000 after acquiring an additional 1,971 shares during the period. CogentBlue Wealth Advisors LLC bought a new position in shares of Bank of America in the second quarter valued at $210,000. Finally, Tempus Wealth Planning LLC increased its position in Bank of America by 1.9% during the second quarter. Tempus Wealth Planning LLC now owns 31,985 shares of the financial services provider’s stock worth $1,514,000 after buying an additional 594 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on BAC shares. The Goldman Sachs Group lifted their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Truist Financial increased their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Oppenheimer cut their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.92.

Bank of America Price Performance

Shares of NYSE:BAC opened at $52.21 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $386.72 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34. The firm’s fifty day moving average is $49.07 and its 200-day moving average is $44.93.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. Bank of America’s revenue was up 4.3% on a year-over-year basis. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is presently 32.75%.

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.