Fiduciary Financial Group LLC Sells 6,930 Shares of Bank of America Corporation $BAC

by · The Cerbat Gem

Fiduciary Financial Group LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC – Free Report) by 33.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,904 shares of the financial services provider’s stock after selling 6,930 shares during the quarter. Fiduciary Financial Group LLC’s holdings in Bank of America were worth $669,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BAC. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter worth approximately $30,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $38,000. Mascagni Wealth Management Inc. bought a new position in shares of Bank of America in the fourth quarter worth approximately $40,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America in the first quarter worth approximately $40,000. 70.71% of the stock is currently owned by institutional investors.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BAC. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. The Goldman Sachs Group upped their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $50.39.

Read Our Latest Report on Bank of America

Bank of America Stock Down 0.3%

Shares of NYSE:BAC opened at $50.60 on Friday. The firm’s 50-day moving average is $48.13 and its two-hundred day moving average is $44.28. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a market capitalization of $374.79 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.97 and a beta of 1.34. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.96.

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

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is 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 currently 32.75%.

About Bank of America

(Free Report)

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.

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