TCTC Holdings LLC Sells 1,744 Shares of Bank of America Corporation (NYSE:BAC)

TCTC Holdings LLC decreased its stake in Bank of America Corporation (NYSE:BAC) by 0.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,098,378 shares of the financial services provider’s stock after selling 1,744 shares during the period. Bank of America accounts for about 1.6% of TCTC Holdings LLC’s holdings, making the stock its 14th biggest position. TCTC Holdings LLC’s holdings in Bank of America were worth $45,835,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Vega Investment Solutions bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $34,000. Glass Jacobson Investment Advisors llc raised its position in shares of Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 276 shares during the period. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $38,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.5%

Shares of BAC opened at $48.23 on Tuesday. The firm has a market cap of $363.26 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.88 and a beta of 1.30. 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 Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The firm has a 50 day moving average price of $45.98 and a 200-day moving average price of $43.74.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share 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 firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the business posted $0.83 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a positive change 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 2.32%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio is currently 30.41%.

Analyst Ratings Changes

BAC has been the topic of several research reports. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.03.

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.