Community Bank N.A. Has $888,000 Position in Bank of America Corporation $BAC

Community Bank N.A. raised its position in Bank of America Corporation (NYSE:BAC) by 8.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,773 shares of the financial services provider’s stock after acquiring an additional 1,402 shares during the quarter. Community Bank N.A.’s holdings in Bank of America were worth $888,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in Bank of America by 1.3% in the first 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 acquiring an additional 803,570 shares during the last quarter. Deutsche Bank AG lifted its stake in Bank of America by 45.1% in 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 lifted its stake in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after buying an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares during the last quarter. Finally, National Pension Service lifted its stake in shares of Bank of America by 2.4% during the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after buying an additional 300,944 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wolfe Research raised their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Morgan Stanley raised their target price on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Finally, Wells Fargo & Company raised their target price on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.64.

Bank of America Price Performance

NYSE:BAC opened at $50.04 on Wednesday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The firm has a market cap of $370.62 billion, a price-to-earnings ratio of 14.63, a P/E/G ratio of 1.89 and a beta of 1.33. The firm’s 50-day simple moving average is $49.76 and its 200 day simple moving average is $45.62. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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 period last year, the firm earned $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has approved a stock repurchase 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 purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred 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. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

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.