Bank of America Co. (NYSE:BAC) Shares Purchased by Capital City Trust Co. FL

Capital City Trust Co. FL increased its position in shares of Bank of America Co. (NYSE:BACGet Rating) by 22.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,134 shares of the financial services provider’s stock after purchasing an additional 2,234 shares during the period. Capital City Trust Co. FL’s holdings in Bank of America were worth $378,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BAC. Norges Bank acquired a new position in Bank of America in the fourth quarter valued at $3,938,246,000. Snider Financial Group boosted 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 worth $5,956,000 after buying an additional 14,297,496 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Bank of America by 3,474.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after buying an additional 11,332,721 shares during the period. Capital Research Global Investors purchased a new stake in Bank of America during the 1st quarter valued at approximately $395,481,000. Finally, Vanguard Group Inc. lifted its position in Bank of America by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock worth $24,369,557,000 after acquiring an additional 5,015,041 shares during the period. Institutional investors and hedge funds own 68.48% of the company’s stock.

Bank of America Trading Down 1.9 %

Shares of BAC opened at $31.88 on Friday. The stock’s 50-day moving average is $34.13 and its two-hundred day moving average is $35.84. The stock has a market cap of $256.16 billion, a PE ratio of 10.16, a P/E/G ratio of 1.48 and a beta of 1.37. Bank of America Co. has a 12 month low of $29.67 and a 12 month high of $50.11. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). The company had revenue of $22.69 billion for the quarter, compared to analyst estimates of $22.79 billion. Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. Equities analysts forecast that Bank of America Co. will post 3.2 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.22 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 annualized dividend and a dividend yield of 2.76%. Bank of America’s payout ratio is 27.50%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Credit Suisse Group decreased their price objective on Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, July 19th. Barclays decreased their price objective on Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. Royal Bank of Canada decreased their price objective on Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Piper Sandler decreased their price objective on Bank of America from $51.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Finally, Wells Fargo & Company reduced their price target on Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.58.

Bank of America Company Profile

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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.

Further Reading

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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