Anderson Hoagland & Co. Trims Stock Position in Bank of America Corporation $BAC

Key Points

• Anderson Hoagland & Co. reduced its stake in Bank of America by 2.3%, now holding approximately $11.21 million worth of shares, making it the firm's 27th largest position.
• Analysts have a consensus rating of "Moderate Buy" for Bank of America, with a current average price target of $50.61, as multiple firms raised their price objectives recently.
• Bank of America announced an increase in its quarterly dividend from $0.26 to $0.28 per share and a share repurchase program worth $40 billion, reflecting management's confidence in the company's valuation.

Anderson Hoagland & Co. decreased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 2.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 236,911 shares of the financial services provider's stock after selling 5,488 shares during the period. Bank of America accounts for about 1.1% of Anderson Hoagland & Co.'s investment portfolio, making the stock its 27th biggest position. Anderson Hoagland & Co.'s holdings in Bank of America were worth $11,211,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group purchased a new stake in Bank of America during the second quarter worth $85,000. Moody National Bank Trust Division lifted its holdings in Bank of America by 1.5% during the second quarter. Moody National Bank Trust Division now owns 94,245 shares of the financial services provider's stock worth $4,460,000 after buying an additional 1,366 shares during the period. Security National Bank lifted its holdings in Bank of America by 810.9% during the second quarter. Security National Bank now owns 2,505 shares of the financial services provider's stock worth $119,000 after buying an additional 2,230 shares during the period. HF Advisory Group LLC lifted its holdings in Bank of America by 8.8% during the second quarter. HF Advisory Group LLC now owns 21,887 shares of the financial services provider's stock worth $1,036,000 after buying an additional 1,771 shares during the period. Finally, Peoples Bank KS lifted its holdings in Bank of America by 11.6% during the second quarter. Peoples Bank KS now owns 5,776 shares of the financial services provider's stock worth $273,000 after buying an additional 600 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Hsbc Global Res downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Morgan Stanley upped their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Finally, Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.82.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on 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 sale, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company's stock.

Bank of America Stock Down 0.4%

BAC stock traded down $0.23 during midday trading on Monday, hitting $52.02. The company's stock had a trading volume of 10,073,739 shares, compared to its average volume of 41,686,453. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.66. The firm has a market capitalization of $385.32 billion, a P/E ratio of 15.22, a PEG ratio of 2.03 and a beta of 1.34. The firm has a 50-day simple moving average of $48.55 and a 200-day simple moving average of $44.55.

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 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America's dividend payout ratio is presently 32.75%.

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

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.