Stock Yards Bank & Trust Co. Sells 439 Shares of Bank of America Corporation $BAC

Stock Yards Bank & Trust Co. lowered its stake in Bank of America Corporation (NYSE:BAC) by 0.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,138 shares of the financial services provider’s stock after selling 439 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Bank of America were worth $2,798,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Whelan Financial boosted its holdings in Bank of America by 35.2% in the second quarter. Whelan Financial now owns 15,394 shares of the financial services provider’s stock valued at $728,000 after acquiring an additional 4,007 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of Bank of America by 1.8% during the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 115,188 shares of the financial services provider’s stock valued at $5,451,000 after buying an additional 1,989 shares in the last quarter. Synergy Asset Management LLC boosted its holdings in shares of Bank of America by 3.3% during the 2nd quarter. Synergy Asset Management LLC now owns 33,939 shares of the financial services provider’s stock valued at $1,606,000 after buying an additional 1,075 shares in the last quarter. Ashton Thomas Securities LLC boosted its holdings in shares of Bank of America by 1.5% during the 2nd quarter. Ashton Thomas Securities LLC now owns 22,644 shares of the financial services provider’s stock valued at $1,072,000 after buying an additional 324 shares in the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Bank of America during the 2nd quarter valued at $675,000. Institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $50.63 on Friday. The stock has a market cap of $374.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. The firm’s 50-day moving average is $49.37 and its 200 day moving average is $45.26. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

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

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s payout ratio is presently 32.75%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. Oppenheimer dropped their target price on shares of 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 cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a report on Saturday, September 27th. Nineteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.38.

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.