Key Client Fiduciary Advisors LLC Sells 426 Shares of Bank of America Corporation $BAC

Key Client Fiduciary Advisors LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.2% in the second quarter, Holdings Channel.com reports. The fund owned 36,516 shares of the financial services provider’s stock after selling 426 shares during the quarter. Key Client Fiduciary Advisors LLC’s holdings in Bank of America were worth $1,728,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Brighton Jones LLC lifted its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after acquiring an additional 226,246 shares during the period. Texas Bank & Trust Co bought a new position in shares of Bank of America during the 4th quarter worth about $244,000. Two Sigma Advisers LP lifted its holdings in shares of Bank of America by 14.4% during the 4th quarter. Two Sigma Advisers LP now owns 11,677,600 shares of the financial services provider’s stock worth $513,231,000 after acquiring an additional 1,469,700 shares during the period. Finally, Triglav Skladi D.O.O. bought a new position in shares of Bank of America during the 4th quarter worth about $7,112,000. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. Citigroup lifted their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Truist Financial lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Oppenheimer lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.39.

Bank of America Stock Performance

NYSE BAC opened at $50.60 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm’s fifty day moving average price is $48.17 and its two-hundred day moving average price is $44.31. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $51.09. The firm has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.34.

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

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s payout ratio is currently 32.75%.

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.