First Command Advisory Services Inc. Sells 2,897 Shares of Bank of America Corporation $BAC

First Command Advisory Services Inc. lessened its holdings in Bank of America Corporation (NYSE:BAC) by 12.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,216 shares of the financial services provider’s stock after selling 2,897 shares during the quarter. First Command Advisory Services Inc.’s holdings in Bank of America were worth $1,004,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after purchasing an additional 803,570 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Amundi grew its holdings in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Bank of America by 5.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after purchasing an additional 894,027 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.3%

Shares of NYSE:BAC opened at $52.44 on Monday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company’s 50-day moving average price is $50.58 and its two-hundred day moving average price is $46.45. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $388.38 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the company posted $0.81 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has initiated a share repurchase 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 repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders 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 presently 30.52%.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. TD Cowen upped their target price on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Evercore ISI upped their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Seaport Global Securities upped their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Finally, Wolfe Research increased their price objective on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

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.