Bank of America Corporation $BAC Shares Sold by Greenleaf Trust

Greenleaf Trust cut its position in Bank of America Corporation (NYSE:BAC) by 8.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,108 shares of the financial services provider’s stock after selling 13,037 shares during the quarter. Greenleaf Trust’s holdings in Bank of America were worth $6,772,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Deutsche Bank AG boosted its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Unisphere Establishment lifted its position in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Bank of America in the second quarter valued at approximately $164,623,000. Maverick Capital Ltd. acquired a new position in shares of Bank of America in the first quarter valued at approximately $152,098,000. Finally, Azora Capital LP increased its stake in Bank of America by 958.9% during the 1st quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock worth $139,560,000 after buying an additional 3,028,530 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Trading Up 0.3%

Shares of Bank of America stock opened at $52.36 on Tuesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The business’s fifty day moving average is $49.16 and its two-hundred day moving average is $45.05. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market cap of $387.83 billion, a PE ratio of 15.31, a P/E/G ratio of 2.02 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its earnings results 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. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the company earned $0.83 earnings per share. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

Wall Street Analyst Weigh In

Several equities analysts have commented on BAC shares. Truist Financial raised their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Citigroup upped their price target on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Finally, Oppenheimer cut their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.82.

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.