Piscataqua Savings Bank Sells 855 Shares of Bank of America Co. (NYSE:BAC)

Piscataqua Savings Bank reduced its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,129 shares of the financial services provider’s stock after selling 855 shares during the period. Bank of America accounts for approximately 1.6% of Piscataqua Savings Bank’s portfolio, making the stock its 16th largest position. Piscataqua Savings Bank’s holdings in Bank of America were worth $1,925,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Tanglewood Legacy Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $26,000. FNY Investment Advisers LLC boosted its position in Bank of America by 75.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 397 shares in the last quarter. Castleview Partners LLC purchased a new position in shares of Bank of America during the 1st quarter worth approximately $28,000. Ahrens Investment Partners LLC bought a new position in shares of Bank of America in the 1st quarter worth approximately $31,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Bank of America in the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 68.06% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. StockNews.com assumed coverage on Bank of America in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Piper Sandler decreased their price target on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday. Oppenheimer dropped their price objective on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 18th. Morgan Stanley raised their target price on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Finally, Wells Fargo & Company dropped their price target on Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 23rd. Two equities 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.98.

Bank of America Stock Performance

Shares of NYSE BAC opened at $28.76 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.12. The firm’s 50-day moving average price is $29.98 and its 200-day moving average price is $29.22. Bank of America Co. has a 52-week low of $26.32 and a 52-week high of $38.60. The company has a market cap of $228.54 billion, a PE ratio of 8.26, a PEG ratio of 1.21 and a beta of 1.37.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.24 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Thursday, August 31st. Bank of America’s payout ratio is currently 27.59%.

Insider Activity

In related news, insider James P. Demare sold 75,000 shares of the business’s 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 sale, the insider now directly owns 185,108 shares in the company, valued at $5,836,455.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 353,971 shares in the company, valued at $11,143,007.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was 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 owns 185,108 shares in the company, valued at $5,836,455.24. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

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.