Bank of America Co. (NYSE:BAC) Shares Sold by Bangor Savings Bank

Bangor Savings Bank decreased its position in Bank of America Co. (NYSE:BAC) by 8.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,771 shares of the financial services provider’s stock after selling 595 shares during the quarter. Bangor Savings Bank’s holdings in Bank of America were worth $269,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Bank of America in the 4th quarter valued at about $3,502,000. Tennessee Valley Asset Management Partners acquired a new stake in shares of Bank of America during the 4th quarter valued at $63,000. Ellis Investment Partners LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $231,000. Louisiana State Employees Retirement System acquired a new position in shares of Bank of America in the fourth quarter worth about $14,017,000. Finally, Altus Wealth Group LLC purchased a new position in Bank of America during the 4th quarter worth approximately $400,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.14 during trading on Tuesday, reaching $38.31. The company had a trading volume of 8,877,801 shares, compared to its average volume of 39,376,750. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $299.60 billion, a PE ratio of 13.27, a PEG ratio of 1.41 and a beta of 1.35. The business’s 50 day moving average price is $40.27 and its 200-day moving average price is $37.74. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 EPS. Analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.71%. Bank of America’s dividend payout ratio is 35.99%.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,549,666 shares of company stock worth $2,403,801,723. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BAC shares. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Barclays upped their price objective on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Jefferies Financial Group raised their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. Finally, Royal Bank of Canada upped their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.07.

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.