Old Port Advisors Sells 885 Shares of Bank of America Corporation $BAC

Old Port Advisors decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,156 shares of the financial services provider’s stock after selling 885 shares during the period. Old Port Advisors’ holdings in Bank of America were worth $765,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Bank of America by 4,414.4% in the first quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider’s stock worth $194,212,000 after acquiring an additional 4,550,930 shares in the last quarter. First County Bank CT boosted its holdings in Bank of America by 7.8% in the first quarter. First County Bank CT now owns 5,942 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 431 shares in the last quarter. Atlas Brown Inc. boosted its holdings in Bank of America by 0.8% in the first quarter. Atlas Brown Inc. now owns 38,898 shares of the financial services provider’s stock worth $1,623,000 after acquiring an additional 308 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. boosted its holdings in Bank of America by 23.3% in the first quarter. Beese Fulmer Investment Management Inc. now owns 8,633 shares of the financial services provider’s stock worth $360,000 after acquiring an additional 1,632 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $52.21 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $386.72 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 2.02 and a beta of 1.34. The stock has a 50 day moving average of $49.07 and a 200 day moving average of $44.93. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.83 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has initiated a share buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BAC. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and raised their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. Oppenheimer dropped their target price on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, September 23rd. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Finally, Morgan Stanley raised their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

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