Trustmark Bank Trust Department Sells 3,654 Shares of Bank of America Corporation $BAC

Trustmark Bank Trust Department decreased its holdings in Bank of America Corporation (NYSE:BAC) by 1.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 243,786 shares of the financial services provider’s stock after selling 3,654 shares during the quarter. Bank of America accounts for 0.8% of Trustmark Bank Trust Department’s portfolio, making the stock its 28th largest position. Trustmark Bank Trust Department’s holdings in Bank of America were worth $11,536,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Berry Wealth Group LP purchased a new position in shares of Bank of America during the 2nd quarter worth $220,000. Legacy Capital Wealth Partners LLC raised its holdings in Bank of America by 4.8% in the 2nd quarter. Legacy Capital Wealth Partners LLC now owns 9,174 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 420 shares during the period. West Family Investments Inc. raised its holdings in Bank of America by 49.5% in the 2nd quarter. West Family Investments Inc. now owns 28,437 shares of the financial services provider’s stock worth $1,346,000 after purchasing an additional 9,411 shares during the period. Giverny Capital Inc. lifted its position in Bank of America by 0.6% during the second quarter. Giverny Capital Inc. now owns 1,004,119 shares of the financial services provider’s stock valued at $47,515,000 after purchasing an additional 6,118 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Bank of America by 6.5% during the second quarter. Mackenzie Financial Corp now owns 3,557,277 shares of the financial services provider’s stock valued at $168,330,000 after purchasing an additional 215,639 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. Daiwa Capital Markets raised their price objective on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Argus increased their target price on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Wolfe Research lifted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Finally, Piper Sandler upped their price target on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Twenty-three 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, the company has an average rating of “Moderate Buy” and an average price target of $57.77.

Bank of America Trading Up 1.3%

BAC stock opened at $53.70 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The business has a 50 day simple moving average of $51.90 and a two-hundred day simple moving average of $48.80. The company has a market capitalization of $392.11 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

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.