WASHINGTON TRUST Co Cuts Stock Holdings in Bank of America Corporation $BAC

WASHINGTON TRUST Co lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 3.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 263,220 shares of the financial services provider’s stock after selling 9,101 shares during the period. WASHINGTON TRUST Co’s holdings in Bank of America were worth $12,456,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Quaker Wealth Management LLC grew its holdings in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares in the last quarter. Nova Wealth Management Inc. increased its holdings 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 during the period. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the second quarter valued at about $28,000. CGC Financial Services LLC lifted its holdings in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter worth about $33,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. Argus boosted their target price on Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Evercore ISI raised their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Royal Bank Of Canada reissued an “outperform” rating on shares of Bank of America in a research report on Thursday, November 6th. Finally, 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 report on Tuesday, September 23rd. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.25 during trading on Thursday, reaching $53.86. The stock had a trading volume of 4,344,807 shares, compared to its average volume of 40,168,887. The business’s 50-day moving average price is $51.52 and its 200 day moving average price is $47.87. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The stock has a market capitalization of $393.31 billion, a PE ratio of 14.71, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 earnings per share. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

Bank of America announced that its board has authorized a stock buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Bank of America Company 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.