Rockland Trust Co. Sells 1,855 Shares of Bank of America Corporation $BAC

Rockland Trust Co. lessened its stake in Bank of America Corporation (NYSE:BAC) by 2.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,602 shares of the financial services provider’s stock after selling 1,855 shares during the period. Rockland Trust Co.’s holdings in Bank of America were worth $3,625,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Peoples Bank KS raised its position in Bank of America by 11.6% in the 2nd quarter. Peoples Bank KS now owns 5,776 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 600 shares during the last quarter. ARS Wealth Advisors Group LLC bought a new position in Bank of America in the 2nd quarter worth approximately $7,558,000. Contravisory Investment Management Inc. raised its position in Bank of America by 0.3% in the 2nd quarter. Contravisory Investment Management Inc. now owns 235,683 shares of the financial services provider’s stock worth $11,153,000 after purchasing an additional 658 shares during the last quarter. Bigelow Investment Advisors LLC raised its position in Bank of America by 3.3% in the 2nd quarter. Bigelow Investment Advisors LLC now owns 20,180 shares of the financial services provider’s stock worth $955,000 after purchasing an additional 654 shares during the last quarter. Finally, Cypress Point Wealth Management LLC bought a new position in Bank of America in the 2nd quarter worth approximately $249,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Morgan Stanley upped 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. HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and upped their target price for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Citigroup upped 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, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.61.

Bank of America Stock Performance

BAC stock opened at $52.17 on Friday. The business’s 50-day moving average price is $48.44 and its two-hundred day moving average price is $44.45. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a market cap of $386.42 billion, a PE ratio of 15.25, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.19.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 earnings per share. As a group, research 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 announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was 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 in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

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.