Flagship Harbor Advisors LLC Has $1.45 Million Stake in Bank of America Co. (NYSE:BAC)

Flagship Harbor Advisors LLC cut its position in Bank of America Co. (NYSE:BAC) by 3.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,613 shares of the financial services provider’s stock after selling 1,560 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Bank of America were worth $1,452,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tanglewood Legacy Advisors LLC bought a new position in Bank of America during the fourth quarter worth about $26,000. Castleview Partners LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $28,000. Ahrens Investment Partners LLC bought a new stake in shares of Bank of America in the first quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in Bank of America during the first quarter worth approximately $34,000. Finally, Grey Fox Wealth Advisors LLC bought a new position in Bank of America during the 4th quarter worth $35,000. 68.06% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 1.2 %

Shares of NYSE:BAC opened at $28.84 on Monday. The business’s 50-day moving average is $29.98 and its 200-day moving average is $29.22. Bank of America Co. has a 1 year low of $26.32 and a 1 year high of $38.60. The company has a market capitalization of $229.17 billion, a price-to-earnings ratio of 8.29, a P/E/G ratio of 1.22 and a beta of 1.37. 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 (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.04. The firm had revenue of $25.20 billion for the quarter, compared to analyst estimates of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.41 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.33%. This is an increase from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, August 31st. Bank of America’s dividend payout ratio is presently 27.59%.

Insider Transactions at Bank of America

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

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Morgan Stanley increased their target price on Bank of America from $32.00 to $33.00 in a report on Friday, July 7th. Piper Sandler decreased their target price on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a report on Friday. BMO Capital Markets decreased their price objective on shares of Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. StockNews.com initiated coverage on Bank of America in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Oppenheimer lowered their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a report on Friday, August 18th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.98.

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. 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.