Trivium Point Advisory LLC Sells 1,461 Shares of Bank of America Corporation $BAC

Trivium Point Advisory LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 3.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,809 shares of the financial services provider’s stock after selling 1,461 shares during the period. Trivium Point Advisory LLC’s holdings in Bank of America were worth $1,789,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Bank of New York Mellon Corp raised its holdings in shares of Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after buying an additional 803,570 shares in the last quarter. Deutsche Bank AG grew its position in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Amundi grew its position in Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after acquiring an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares in the last quarter. Finally, National Pension Service lifted its holdings in shares of Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after acquiring an additional 300,944 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’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 directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on BAC. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and increased their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. Citigroup upped their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. The Goldman Sachs Group lifted their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.82.

Bank of America Stock Up 0.3%

Shares of NYSE:BAC opened at $52.36 on Tuesday. The stock’s 50-day moving average is $49.16 and its 200 day moving average is $45.05. The company has a market cap of $387.83 billion, a PE ratio of 15.31, a P/E/G ratio of 2.02 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the company earned $0.83 EPS. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

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

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.