Bank of America Co. (NYSE:BAC) Shares Sold by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,613 shares of the financial services provider’s stock after selling 1,560 shares during the period. Flagship Harbor Advisors LLC’s holdings in Bank of America were worth $1,452,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC raised its stake in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of America during the 4th quarter worth about $3,436,543,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 22.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 127,177,786 shares of the financial services provider’s stock worth $4,212,128,000 after acquiring an additional 23,532,190 shares during the period. Berkshire Hathaway Inc boosted its holdings in shares of Bank of America by 2.3% in the first quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after acquiring an additional 22,751,400 shares in the last quarter. Finally, Snider Financial Group increased its stake in shares of Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after acquiring an additional 14,297,496 shares during the period. 68.06% of the stock is owned by institutional investors.

Bank of America Stock Performance

BAC stock opened at $28.84 on Monday. The firm has a 50 day simple moving average of $29.98 and a 200 day simple moving average of $29.22. Bank of America Co. has a 52 week low of $26.32 and a 52 week high of $38.60. The stock has a market cap of $229.17 billion, a P/E ratio of 8.29, a P/E/G ratio of 1.22 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.83 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.84 by $0.04. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The business had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period in the previous year, the company posted $0.73 EPS. Bank of America’s revenue was up 11.1% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.41 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, August 31st. This is an increase from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.33%. Bank of America’s dividend payout ratio (DPR) is 27.59%.

Insider Activity

In related news, insider Dean C. Athanasia sold 77,806 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the transaction, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the transaction, the insider now owns 353,971 shares in the company, valued at approximately $11,143,007.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the sale, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. StockNews.com began coverage on Bank of America in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Oppenheimer cut their price target on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a report on Friday, August 18th. Wells Fargo & Company lowered their price objective on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 23rd. HSBC assumed coverage on Bank of America in a report on Thursday, September 7th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, BMO Capital Markets decreased their target price on Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.98.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.