First National Bank of South Miami Lowers Stake in Bank of America Co. (NYSE:BAC)

First National Bank of South Miami cut its holdings in Bank of America Co. (NYSE:BAC) by 11.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 7,258 shares of the financial services provider’s stock after selling 932 shares during the period. First National Bank of South Miami’s holdings in Bank of America were worth $208,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Tanglewood Legacy Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $26,000. FNY Investment Advisers LLC grew its stake in Bank of America by 75.9% during the second quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock worth $26,000 after buying an additional 397 shares during the period. Castleview Partners LLC purchased a new stake in Bank of America during the 1st quarter worth $28,000. Ahrens Investment Partners LLC acquired a new position in shares of Bank of America during the first quarter worth about $31,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Bank of America in the first quarter worth about $34,000. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BAC shares. Morgan Stanley upped their price target on Bank of America from $32.00 to $33.00 in a report on Friday, July 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $35.00 price target on shares of Bank of America in a research note on Tuesday, September 12th. Piper Sandler reduced their price target on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a report on Friday. StockNews.com assumed coverage on Bank of America in a research note on Thursday, August 17th. They set a “hold” rating for the company. Finally, BMO Capital Markets cut their price target on shares of Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.98.

Bank of America Price Performance

NYSE BAC opened at $28.76 on Tuesday. The company has a 50-day moving average price of $29.98 and a two-hundred day moving average price of $29.22. Bank of America Co. has a 52 week low of $26.32 and a 52 week high of $38.60. The stock has a market cap of $228.54 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 1.21 and a beta of 1.37. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The business had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. Analysts forecast that Bank of America Co. will post 3.41 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. This is a positive change 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 (DPR) is 27.59%.

About Bank of America

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.