Community Trust & Investment Co. reduced its position in Bank of America Co. (NYSE:BAC – Free Report) by 5.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,035 shares of the financial services provider’s stock after selling 495 shares during the period. Community Trust & Investment Co.’s holdings in Bank of America were worth $259,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Moneta Group Investment Advisors LLC raised its position in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after purchasing an additional 192,989,515 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter valued at $3,436,543,000. Price T Rowe Associates Inc. MD increased its position in Bank of America by 22.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 127,177,786 shares of the financial services provider’s stock worth $4,212,128,000 after purchasing an additional 23,532,190 shares in the last quarter. Berkshire Hathaway Inc raised its stake in Bank of America by 2.3% in the 1st quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after purchasing an additional 22,751,400 shares during the last quarter. Finally, Snider Financial Group boosted its stake in shares of Bank of America by 9,477.3% during the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after purchasing an additional 14,297,496 shares during the last quarter. 68.06% of the stock is owned by institutional investors and hedge funds.
Bank of America Stock Down 0.3 %
Shares of Bank of America stock traded down $0.09 on Tuesday, hitting $28.67. 5,519,899 shares of the company’s stock traded hands, compared to its average volume of 48,936,555. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. The firm’s 50-day moving average is $29.98 and its 200 day moving average is $29.22. The stock has a market cap of $227.82 billion, a P/E ratio of 8.28, a PEG ratio of 1.21 and a beta of 1.37. Bank of America Co. has a 52-week low of $26.32 and a 52-week high of $38.60.
Bank of America Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, August 31st. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.35%. Bank of America’s dividend payout ratio (DPR) is 27.59%.
Analyst Ratings Changes
Several analysts have commented on BAC shares. BMO Capital Markets lowered their target price on shares of Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price target on shares of Bank of America in a research note on Tuesday, September 12th. HSBC started coverage on shares of Bank of America in a research note on Thursday, September 7th. They set a “buy” rating and a $35.00 price objective for the company. Piper Sandler lowered their target price on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a report on Friday. Finally, Wells Fargo & Company cut their price target on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus price target of $35.98.
Insiders Place Their Bets
In related news, insider James P. Demare sold 75,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the sale, the insider now owns 185,108 shares in the company, valued at $5,836,455.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now directly owns 185,108 shares in the company, valued at approximately $5,836,455.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the transaction, the insider now directly owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by corporate insiders.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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