Bank of America Corporation $BAC Shares Sold by OLD Point Trust & Financial Services N A

Key Points

• OLD Point Trust & Financial Services N A reduced its stake in Bank of America by 23.9%, now holding 15,982 shares valued at approximately $756,000.
• Bank of America reported a quarterly earnings per share (EPS) of $0.89, beating expectations, with a revenue increase of 4.3% year-over-year.
• The company announced a new $40 billion share buyback program as well as an increase in its quarterly dividend to $0.28 per share, reflecting confidence in its undervalued stock.

OLD Point Trust & Financial Services N A cut its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 23.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 15,982 shares of the financial services provider's stock after selling 5,016 shares during the period. OLD Point Trust & Financial Services N A's holdings in Bank of America were worth $756,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Deutsche Bank AG increased its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment increased its holdings in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider's stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in Bank of America during the 2nd quarter worth approximately $164,623,000. Maverick Capital Ltd. purchased a new stake in Bank of America during the 1st quarter worth approximately $152,098,000. Finally, Azora Capital LP increased its holdings in Bank of America by 958.9% during the 1st quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider's stock worth $139,560,000 after purchasing an additional 3,028,530 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 1.6%

NYSE:BAC opened at $51.58 on Wednesday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm has a market capitalization of $382.05 billion, a P/E ratio of 15.08, a P/E/G ratio of 2.03 and a beta of 1.34. 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 business has a 50 day simple moving average of $49.24 and a 200 day simple moving average of $45.09.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors 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 stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Bank of America Increases Dividend

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

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was 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 in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on BAC. Wells Fargo & Company lifted their price objective on Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Morgan Stanley boosted their price target on Bank of America from $50.00 to $66.00 and gave the company an "overweight" rating in a report on Monday. Evercore ISI boosted their price target on Bank of America from $49.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday. Finally, The Goldman Sachs Group set a $55.00 price target on Bank of America in a report on Tuesday. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $52.63.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.