Neville Rodie & Shaw Inc. Lowers Stock Position in Bank of America Corporation $BAC

Neville Rodie & Shaw Inc. lessened its holdings in Bank of America Corporation (NYSE:BAC) by 7.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 55,118 shares of the financial services provider’s stock after selling 4,130 shares during the period. Neville Rodie & Shaw Inc.’s holdings in Bank of America were worth $2,608,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Continuum Advisory LLC grew its holdings in Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 237 shares in the last quarter. Cape Investment Advisory Inc. grew its holdings in Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 238 shares in the last quarter. Menard Financial Group LLC grew its holdings in Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after acquiring an additional 240 shares in the last quarter. Maia Wealth LLC grew its holdings in Bank of America by 1.4% during the 1st quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider’s stock worth $723,000 after acquiring an additional 240 shares in the last quarter. Finally, Northern Financial Advisors Inc grew its holdings in Bank of America by 1.8% during the 1st quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock worth $600,000 after acquiring an additional 252 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on BAC. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday. Oppenheimer increased their target price on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Robert W. Baird reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Finally, Morgan Stanley increased their target price on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research report on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.39.

Bank of America Trading Down 0.3%

Shares of Bank of America stock opened at $50.60 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.96. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The company has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a PEG ratio of 1.97 and a beta of 1.34. The company’s fifty day moving average is $48.13 and its two-hundred day moving average is $44.28.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the firm posted $0.83 EPS. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is 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 has approved a stock buyback 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’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 transaction, the insider directly owned 223,407 shares of the company’s stock, 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 available at the SEC website. Insiders own 0.30% of the company’s stock.

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.