Equitable Trust Co. Sells 2,267 Shares of Bank of America Corporation $BAC

Equitable Trust Co. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 302,138 shares of the financial services provider’s stock after selling 2,267 shares during the period. Equitable Trust Co.’s holdings in Bank of America were worth $14,297,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Wealth Advisory Solutions LLC raised its stake 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 worth $243,000 after purchasing an additional 214 shares during the last quarter. Cyndeo Wealth Partners LLC boosted its holdings in Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 221 shares during the last quarter. Centurion Wealth Management LLC lifted its position in shares of Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares in the last quarter. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% in the 2nd 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 last quarter. Finally, Cape Investment Advisory Inc. increased its stake in Bank of America by 1.9% in the 1st 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 last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 0.4%

Shares of BAC opened at $48.86 on Tuesday. 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 $361.93 billion, a P/E ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The business has a 50-day moving average of $49.67 and a 200 day moving average of $45.59.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. Bank of America’s payout ratio is currently 32.75%.

Insider Transactions at Bank of America

In other Bank of America 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BAC. JPMorgan Chase & Co. upped their target price on Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a report on Friday. Citigroup boosted their price objective on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Wolfe Research lifted their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Finally, Oppenheimer decreased their price objective on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.

About Bank of America

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.