Kimelman & Baird LLC Cuts Stock Holdings in Bank of America Corporation (NYSE:BAC)

Kimelman & Baird LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 795,855 shares of the financial services provider’s stock after selling 6,955 shares during the period. Bank of America makes up approximately 2.8% of Kimelman & Baird LLC’s portfolio, making the stock its 16th largest position. Kimelman & Baird LLC’s holdings in Bank of America were worth $33,211,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Hayek Kallen Investment Management increased its holdings in Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock valued at $528,000 after buying an additional 233 shares in the last quarter. Continuum Advisory LLC increased its holdings in Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after buying an additional 237 shares in the last quarter. Menard Financial Group LLC increased its holdings in Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after buying an additional 240 shares in the last quarter. Maia Wealth LLC increased its holdings in Bank of America by 1.4% in the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider’s stock valued at $723,000 after buying an additional 240 shares in the last quarter. Finally, Northern Financial Advisors Inc grew its position in shares of Bank of America by 1.8% in the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock valued at $600,000 after purchasing an additional 252 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.9%

Shares of NYSE BAC opened at $47.68 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $49.31. The firm’s 50 day moving average price is $46.65 and its 200 day moving average price is $43.79. The firm has a market cap of $353.13 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 1.83 and a beta of 1.31. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Bank of America’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.83 EPS. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is 30.41%.

Bank of America declared that its board has authorized a stock buyback plan 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 reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Citigroup upped their target price on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, June 26th. Morgan Stanley upped their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Finally, TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.13.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by company insiders.

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.