Bank of America Corporation $BAC Shares Acquired by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. has increased its stake in Bank of America by 83.2%, owning 342,788 shares valued at $16.2 million after acquiring 155,662 additional shares in the second quarter.
• Insider James P. Demare sold 148,391 shares at an average price of $45.57, marking a nearly 40% reduction in ownership over the company’s stock.
• The company reported a strong quarterly performance with a reported EPS of $1.06, exceeding the $0.93 consensus estimate, and achieving a 10.8% increase in revenue compared to the previous year.

First Citizens Bank & Trust Co. increased its position in Bank of America Corporation (NYSE:BAC) by 83.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 342,788 shares of the financial services provider's stock after purchasing an additional 155,662 shares during the period. First Citizens Bank & Trust Co.'s holdings in Bank of America were worth $16,221,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter worth $28,000. CGC Financial Services LLC boosted its holdings in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock worth $29,000 after purchasing an additional 521 shares during the period. Acima Private Wealth LLC bought a new stake in Bank of America during the second quarter valued at $33,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of Bank of America during the first quarter worth $40,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

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

Bank of America Trading Down 0.9%

Shares of NYSE:BAC opened at $51.05 on Thursday. The company has a 50 day moving average of $50.38 and a 200-day moving average of $46.08. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $378.09 billion, a P/E ratio of 13.91, a P/E/G ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analysts' expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm's quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.81 earnings per share. As a group, analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BAC. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Piper Sandler boosted their price target on shares of Bank of America from $50.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. Daiwa Capital Markets boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.23.

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.

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