Community Trust & Investment Co. Has $377,000 Stock Holdings in Bank of America Corporation $BAC

Community Trust & Investment Co. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,975 shares of the financial services provider’s stock after purchasing an additional 265 shares during the quarter. Community Trust & Investment Co.’s holdings in Bank of America were worth $377,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Vega Investment Solutions bought a new stake in Bank of America during the fourth quarter worth $30,000. Wood Tarver Financial Group LLC acquired a new position in shares of Bank of America in the fourth quarter valued at about $38,000. Mascagni Wealth Management Inc. acquired a new stake in Bank of America during the fourth quarter worth about $40,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America in the first quarter worth about $40,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $51.36 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. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $51.63. The company has a market cap of $380.42 billion, a price-to-earnings ratio of 15.02, a PEG ratio of 1.97 and a beta of 1.34. The firm has a 50 day moving average of $48.33 and a 200-day moving average of $44.40.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the firm posted $0.83 EPS. Bank of America’s revenue was up 4.3% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Citigroup upped their target price on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Truist Financial raised their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $50.61.

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.