First National Bank & Trust Co. of Newtown Sells 1,046 Shares of Bank of America Corporation $BAC

First National Bank & Trust Co. of Newtown cut its stake in Bank of America Corporation (NYSE:BAC) by 3.4% in the second quarter, HoldingsChannel reports. The fund owned 29,960 shares of the financial services provider’s stock after selling 1,046 shares during the period. First National Bank & Trust Co. of Newtown’s holdings in Bank of America were worth $1,417,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Wealth Advisory Solutions LLC boosted its holdings in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after buying an additional 214 shares during the period. Centurion Wealth Management LLC boosted its holdings in shares of Bank of America by 2.3% in the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after buying an additional 225 shares during the period. Nova Wealth Management Inc. boosted its holdings in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Cape Investment Advisory Inc. boosted its holdings in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after buying an additional 238 shares during the period. Finally, Rainier Family Wealth Inc. boosted its holdings in shares of Bank of America by 3.9% in the second quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock valued at $303,000 after buying an additional 239 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $50.67 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm’s fifty day moving average price is $49.29 and its two-hundred day moving average price is $45.13. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm has a market capitalization of $375.29 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33.

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, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 earnings per share. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board 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. Stockholders of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s payout ratio is currently 32.75%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated 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 transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Robert W. Baird restated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Morgan Stanley increased their target price on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada increased their target price on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.78.

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.