Folger Nolan Fleming Douglas Capital Management Inc. Sells 470 Shares of Bank of America Corporation $BAC

Folger Nolan Fleming Douglas Capital Management Inc. reduced its holdings in Bank of America Corporation (NYSE:BAC) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,492 shares of the financial services provider’s stock after selling 470 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Bank of America were worth $1,585,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. KFA Private Wealth Group LLC bought a new position in Bank of America in the 2nd quarter worth approximately $226,000. Von Berge Wealth Management Group LLC bought a new position in Bank of America in the 2nd quarter worth approximately $239,000. Aberdeen Group plc increased its position in Bank of America by 6.3% in the 2nd quarter. Aberdeen Group plc now owns 5,893,238 shares of the financial services provider’s stock worth $279,664,000 after buying an additional 350,450 shares during the period. Pinnacle West Asset Management Inc. bought a new position in Bank of America in the 2nd quarter worth approximately $247,000. Finally, Acima Private Wealth LLC bought a new position in Bank of America in the 2nd quarter worth approximately $33,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $48.62 on Friday. The stock’s fifty day simple moving average is $49.61 and its 200 day simple moving average is $45.50. 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 firm has a market cap of $360.12 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.93 and a beta of 1.33. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.83 EPS. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.3%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is presently 32.75%.

Bank of America declared that its board has approved a share repurchase program 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have commented on BAC. HSBC lifted their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Daiwa Capital Markets boosted their price objective on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday. Evercore ISI boosted their price objective on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Royal Bank Of Canada boosted their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $54.64.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the business’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 sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

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.