VeraBank N.A. Sells 392 Shares of Bank of America Corporation (NYSE:BAC)

VeraBank N.A. reduced its position in Bank of America Corporation (NYSE:BAC) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,377 shares of the financial services provider’s stock after selling 392 shares during the quarter. VeraBank N.A.’s holdings in Bank of America were worth $475,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Evolution Wealth Advisors LLC purchased a new stake in shares of Bank of America in the first quarter worth approximately $829,000. ASR Vermogensbeheer N.V. purchased a new stake in shares of Bank of America during the first quarter valued at $31,180,000. Nicholas Hoffman & Company LLC. increased its stake in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the period. WealthShield Partners LLC lifted its holdings in Bank of America by 120.9% during the 1st quarter. WealthShield Partners LLC now owns 15,959 shares of the financial services provider’s stock valued at $666,000 after buying an additional 8,734 shares in the last quarter. Finally, Warburton Capital Management LLC boosted its position in Bank of America by 3.4% in the 1st quarter. Warburton Capital Management LLC now owns 15,250 shares of the financial services provider’s stock valued at $636,000 after buying an additional 496 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods decreased their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and raised their price target for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Citigroup raised their target price on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Finally, Barclays reduced their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $50.13.

Bank of America Trading Down 0.3%

Shares of NYSE:BAC opened at $45.44 on Thursday. The business’s 50-day moving average is $46.38 and its 200 day moving average is $43.79. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $49.31. The firm has a market capitalization of $336.53 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.77 and a beta of 1.31.

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

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s dividend payout ratio is presently 30.41%.

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.