Bank of America Corporation $BAC Shares Sold by Edgar Lomax Co. VA

Edgar Lomax Co. VA trimmed its stake in Bank of America Corporation (NYSE:BAC) by 1.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 540,525 shares of the financial services provider’s stock after selling 8,665 shares during the quarter. Bank of America comprises 1.6% of Edgar Lomax Co. VA’s portfolio, making the stock its 26th largest position. Edgar Lomax Co. VA’s holdings in Bank of America were worth $25,578,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of BAC. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC increased its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America in the 2nd quarter worth about $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $51.54 on Monday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $376.37 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The firm’s fifty day moving average price is $51.76 and its 200 day moving average price is $48.48.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the firm earned $0.81 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is currently 30.52%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Evercore ISI increased their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Finally, Phillip Securities raised their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.77.

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.