Bank of America Corporation $BAC Shares Sold by Newman Dignan & Sheerar Inc.

Newman Dignan & Sheerar Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 52,926 shares of the financial services provider’s stock after selling 1,098 shares during the period. Newman Dignan & Sheerar Inc.’s holdings in Bank of America were worth $2,504,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Madrona Financial Services LLC lifted its holdings in shares of Bank of America by 14.6% in the 2nd quarter. Madrona Financial Services LLC now owns 6,467 shares of the financial services provider’s stock valued at $306,000 after buying an additional 822 shares during the period. Parkwoods Wealth Partners LLC acquired a new position in Bank of America in the second quarter valued at approximately $244,000. Trilogy Capital Inc. boosted its position in Bank of America by 66.4% in the 2nd quarter. Trilogy Capital Inc. now owns 12,205 shares of the financial services provider’s stock worth $578,000 after purchasing an additional 4,869 shares in the last quarter. QTR Family Wealth LLC grew its stake in shares of Bank of America by 27.9% during the 2nd quarter. QTR Family Wealth LLC now owns 13,335 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 2,910 shares during the period. Finally, Panoramic Capital Partners LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at approximately $216,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Robert W. Baird reissued a “neutral” rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Evercore ISI increased their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. The Goldman Sachs Group set a $55.00 price target on Bank of America in a report on Tuesday. Finally, Citigroup increased their price target 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. Seventeen investment 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 an average rating of “Moderate Buy” and an average target price of $52.78.

Bank of America Trading Down 1.8%

BAC stock 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. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The stock has a market cap of $375.29 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 2.00 and a beta of 1.33. The business’s 50-day moving average is $49.29 and its 200 day moving average is $45.13.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.83 earnings per share. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date 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 32.75%.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Bank of America

In other 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 transaction of $6,762,177.87. Following the completion of the sale, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.