Trustmark Bank Trust Department Trims Position in Bank of America Corporation $BAC

Trustmark Bank Trust Department cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 243,786 shares of the financial services provider’s stock after selling 3,654 shares during the period. Bank of America accounts for approximately 0.8% of Trustmark Bank Trust Department’s portfolio, making the stock its 28th largest holding. Trustmark Bank Trust Department’s holdings in Bank of America were worth $11,536,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Boston Common Asset Management LLC boosted its holdings in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying an additional 24,740 shares in the last quarter. Disciplined Investments LLC purchased a new position in Bank of America during the 2nd quarter valued at about $217,000. Nicholas Hoffman & Company LLC. boosted its stake in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC boosted its stake in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in Bank of America in the second quarter worth about $287,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 1.3%

Bank of America stock opened at $53.70 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.69. The business’s fifty day moving average is $51.90 and its 200 day moving average is $48.80. The stock has a market capitalization of $392.11 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BAC. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 target price (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Royal Bank Of Canada reissued an “outperform” rating on shares of Bank of America in a report on Thursday, November 6th. Truist Financial increased 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. Robert W. Baird lifted their price target on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Finally, HSBC upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Twenty-three 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.77.

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.