Bank of America Corporation $BAC Shares Sold by Franklin Street Advisors Inc. NC

Franklin Street Advisors Inc. NC cut its stake in Bank of America Corporation (NYSE:BAC) by 18.6% in the second quarter, HoldingsChannel reports. The fund owned 8,935 shares of the financial services provider’s stock after selling 2,040 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Bank of America were worth $423,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Whelan Financial lifted its holdings in Bank of America by 35.2% in the second quarter. Whelan Financial now owns 15,394 shares of the financial services provider’s stock valued at $728,000 after acquiring an additional 4,007 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in Bank of America by 1.8% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 115,188 shares of the financial services provider’s stock valued at $5,451,000 after acquiring an additional 1,989 shares during the period. Synergy Asset Management LLC lifted its holdings in Bank of America by 3.3% in the second quarter. Synergy Asset Management LLC now owns 33,939 shares of the financial services provider’s stock valued at $1,606,000 after acquiring an additional 1,075 shares during the period. Ashton Thomas Securities LLC lifted its holdings in Bank of America by 1.5% in the second quarter. Ashton Thomas Securities LLC now owns 22,644 shares of the financial services provider’s stock valued at $1,072,000 after acquiring an additional 324 shares during the period. Finally, Hilltop National Bank acquired a new position in Bank of America in the second quarter valued at approximately $675,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.3%

NYSE BAC opened at $50.63 on Friday. The business has a fifty day moving average price of $49.37 and a 200 day moving average price of $45.26. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The company has a market cap of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33.

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

Bank of America Increases Dividend

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

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Truist Financial upped their target price on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Finally, Morgan Stanley upped their target price on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday. Nineteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on 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 completion of the sale, the insider directly 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

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.