Bank of America Corporation $BAC Shares Sold by Community Bank & Trust Waco Texas

Community Bank & Trust Waco Texas decreased its position in Bank of America Corporation (NYSE:BAC) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,881 shares of the financial services provider’s stock after selling 300 shares during the quarter. Community Bank & Trust Waco Texas’ holdings in Bank of America were worth $1,461,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BAC. Nova Wealth Management Inc. grew its position in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Bank of America in the first quarter valued at approximately $40,000. HighMark Wealth Management LLC grew its position in Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 743 shares in the last quarter. Cranbrook Wealth Management LLC grew its position in shares of Bank of America by 41.2% during the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after buying an additional 306 shares in the last quarter. Finally, Perkins Coie Trust Co grew its position in shares of Bank of America by 67.8% during the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after buying an additional 423 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $51.58 on Wednesday. The business’s fifty day moving average price is $49.24 and its 200 day moving average price is $45.09. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The stock has a market capitalization of $382.05 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) 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 analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business posted $0.83 earnings per share. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Oppenheimer decreased their price target on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Morgan Stanley raised their price target on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Finally, HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and raised their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $52.63.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, 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 filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

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.