Trust Co. of Virginia VA Sells 5,278 Shares of Bank of America Corp (NYSE:BAC)

Trust Co. of Virginia VA lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 19.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,484 shares of the financial services provider’s stock after selling 5,278 shares during the period. Trust Co. of Virginia VA’s holdings in Bank of America were worth $534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in BAC. Lenox Wealth Advisors LLC raised its position in shares of Bank of America by 111.9% during the second quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock valued at $26,000 after buying an additional 584 shares during the last quarter. Center for Financial Planning Inc. grew its holdings in shares of Bank of America by 122.7% in the first quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 750 shares in the last quarter. Stonebridge Financial Planning Group LLC grew its holdings in shares of Bank of America by 208.0% in the first quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,009 shares in the last quarter. Firestone Capital Management grew its holdings in shares of Bank of America by 39.0% in the first quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 501 shares in the last quarter. Finally, Semmax Financial Advisors Inc. grew its holdings in shares of Bank of America by 490.1% in the first quarter. Semmax Financial Advisors Inc. now owns 1,965 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 1,632 shares in the last quarter. Hedge funds and other institutional investors own 68.99% of the company’s stock.

BAC has been the subject of a number of recent research reports. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 7th. TheStreet lowered shares of Bank of America from a “b-” rating to a “c+” rating in a report on Monday, July 27th. Credit Suisse Group reissued a “buy” rating and issued a $31.00 target price on shares of Bank of America in a report on Friday, April 17th. Seaport Global Securities initiated coverage on shares of Bank of America in a research note on Wednesday, July 8th. They set a “neutral” rating for the company. Finally, Barclays reaffirmed a “buy” rating and set a $33.00 price objective on shares of Bank of America in a research note on Thursday, April 9th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the company. Bank of America presently has an average rating of “Hold” and a consensus target price of $29.47.

In other news, major shareholder Berkshire Hathaway Inc bought 33,902,623 shares of the company’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were purchased at an average price of $23.99 per share, for a total transaction of $813,323,925.77. In the last quarter, insiders purchased 71,507,705 shares of company stock worth $1,733,226,720. 0.20% of the stock is owned by insiders.

BAC opened at $24.88 on Friday. Bank of America Corp has a 52-week low of $17.95 and a 52-week high of $35.72. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 1.08. The company has a market cap of $215.50 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 2.24 and a beta of 1.59. The firm’s 50-day moving average price is $24.13 and its 200-day moving average price is $26.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.09. The firm had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $21.71 billion. Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 earnings per share. On average, research analysts anticipate that Bank of America Corp will post 1.59 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a $0.18 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 2.89%. Bank of America’s dividend payout ratio is currently 24.49%.

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

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

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