Bank of America Corp (NYSE:BAC) Shares Bought by Equitable Trust Co.

Equitable Trust Co. lifted its position in shares of Bank of America Corp (NYSE:BAC) by 4.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 153,363 shares of the financial services provider’s stock after purchasing an additional 5,953 shares during the period. Equitable Trust Co.’s holdings in Bank of America were worth $4,447,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in shares of Bank of America by 41.7% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 55,924 shares of the financial services provider’s stock worth $1,622,000 after buying an additional 16,465 shares during the last quarter. First Bank & Trust boosted its holdings in Bank of America by 16.6% in the 2nd quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 657 shares in the last quarter. Coastal Capital Group Inc. boosted its holdings in Bank of America by 7.0% in the 2nd quarter. Coastal Capital Group Inc. now owns 14,782 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 966 shares in the last quarter. M Holdings Securities Inc. boosted its holdings in Bank of America by 22.0% in the 1st quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock valued at $3,144,000 after purchasing an additional 20,587 shares in the last quarter. Finally, Geneva Partners LLC boosted its holdings in Bank of America by 51.7% in the 2nd quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock valued at $3,464,000 after purchasing an additional 40,711 shares in the last quarter. Institutional investors and hedge funds own 68.48% of the company’s stock.

In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.17% of the company’s stock.



A number of equities research analysts have weighed in on BAC shares. Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a report on Wednesday, July 10th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a report on Monday, June 17th. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Morgan Stanley lifted their price objective on Bank of America from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. Finally, DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $32.42.

Shares of BAC stock traded up $0.33 during midday trading on Wednesday, reaching $29.27. 24,010,569 shares of the company traded hands, compared to its average volume of 58,243,116. The firm’s 50 day simple moving average is $28.05 and its two-hundred day simple moving average is $28.74. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.17. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market cap of $272.36 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 1.16 and a beta of 1.57.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. During the same period last year, the firm earned $0.63 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.18 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Thursday, September 5th. Bank of America’s payout ratio is currently 27.59%.

Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Quiet Period Expirations Explained

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

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