Bank of America Co. (NYSE:BAC) Position Boosted by Trek Financial LLC

Trek Financial LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 8.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,237 shares of the financial services provider’s stock after purchasing an additional 717 shares during the quarter. Trek Financial LLC’s holdings in Bank of America were worth $264,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Spears Abacus Advisors LLC lifted its holdings in shares of Bank of America by 0.6% in the fourth quarter. Spears Abacus Advisors LLC now owns 49,224 shares of the financial services provider’s stock valued at $1,630,000 after purchasing an additional 300 shares in the last quarter. Fort Sheridan Advisors LLC grew its stake in shares of Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after buying an additional 303 shares in the last quarter. Tempus Wealth Planning LLC grew its position in shares of Bank of America by 0.6% in the 4th quarter. Tempus Wealth Planning LLC now owns 55,589 shares of the financial services provider’s stock valued at $1,841,000 after acquiring an additional 332 shares during the period. Zullo Investment Group Inc. increased its position in Bank of America by 2.4% during the fourth quarter. Zullo Investment Group Inc. now owns 14,220 shares of the financial services provider’s stock worth $471,000 after buying an additional 334 shares during the last quarter. Finally, Fort Point Capital Partners LLC increased its holdings in shares of Bank of America by 2.2% during the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after acquiring an additional 336 shares during the last quarter. 68.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of America

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

Bank of America Price Performance

BAC stock opened at $28.36 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. Bank of America Co. has a 1 year low of $26.32 and a 1 year high of $38.60. The company’s 50-day moving average is $29.98 and its 200-day moving average is $29.41. The stock has a market capitalization of $225.36 billion, a PE ratio of 8.15, a price-to-earnings-growth ratio of 1.18 and a beta of 1.37.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders 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 represents a $0.96 dividend on an annualized basis and a yield of 3.39%. This is an increase from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s payout ratio is 27.59%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. Morgan Stanley boosted their price target on Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. HSBC began coverage on Bank of America in a research note on Thursday. They set a “buy” rating and a $35.00 target price for the company. BMO Capital Markets reduced their price target on shares of Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Wells Fargo & Company reduced their price objective on Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $35.00 price target on shares of Bank of America in a research note on Friday, June 30th. Two investment 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.31.

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. 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.