Community Bank of Raymore Has $5.06 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Community Bank of Raymore reduced its holdings in Bank of America Corporation (NYSE:BAC) by 11.0% in the 1st quarter, Holdings Channel reports. The fund owned 121,183 shares of the financial services provider’s stock after selling 14,977 shares during the quarter. Bank of America accounts for 4.1% of Community Bank of Raymore’s portfolio, making the stock its 6th biggest position. Community Bank of Raymore’s holdings in Bank of America were worth $5,057,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of BAC. Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter worth about $31,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter worth about $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America during the fourth quarter worth about $38,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Bank of America during the fourth quarter worth about $40,000. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $47.50 on Wednesday. The stock has a market capitalization of $351.83 billion, a PE ratio of 13.89, a P/E/G ratio of 1.79 and a beta of 1.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The business has a fifty day moving average price of $46.53 and a two-hundred day moving average price of $43.76. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31.

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, beating the consensus estimate of $0.86 by $0.03. The firm 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 company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 EPS. As a group, equities 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 buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board 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. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.4%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is presently 32.75%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BAC shares. Truist Financial increased their price objective on Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Piper Sandler reduced their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Barclays reduced their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Cfra Research increased their price target on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Finally, Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.13.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.