Bank of America Corporation $BAC Holdings Decreased by Community Bank & Trust Waco Texas

Community Bank & Trust Waco Texas reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,881 shares of the financial services provider’s stock after selling 300 shares during the quarter. Community Bank & Trust Waco Texas’ holdings in Bank of America were worth $1,461,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Cloud Capital Management LLC bought a new stake in Bank of America in the first quarter worth about $40,000. HighMark Wealth Management LLC raised its position in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 743 shares in the last quarter. Cranbrook Wealth Management LLC raised its position in Bank of America by 41.2% in the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 306 shares in the last quarter. Finally, Perkins Coie Trust Co raised its position in Bank of America by 67.8% in the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 423 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group set a $55.00 price target on shares of Bank of America in a research report on Tuesday. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, HSBC cut Bank of America from a “buy” rating to a “hold” rating and lifted their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $52.63.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Price Performance

Shares of BAC opened at $51.58 on Wednesday. The company has a market capitalization of $382.05 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 2.03 and a beta of 1.34. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. 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’s 50-day moving average is $49.24 and its 200-day moving average is $45.09.

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has authorized a share repurchase 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 reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.