Harbour Trust & Investment Management Co Makes New $249,000 Investment in Bank of America Corporation $BAC

Key Points

• Harbour Trust & Investment Management Co has made a new investment of $249,000 in Bank of America, purchasing 5,262 shares during the second quarter.
• Insider trading activity saw James P. Demare sell 148,391 shares valued at over $6.7 million, reducing his ownership by 39.91%.
• Equity analysts are optimistic about Bank of America's future, with target prices raised by multiple firms, leading to a consensus target price of $54.64 and a "Moderate Buy" rating.

Harbour Trust & Investment Management Co purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,262 shares of the financial services provider's stock, valued at approximately $249,000.

Other hedge funds also recently bought and sold shares of the company. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America during the second quarter worth approximately $28,000. Acima Private Wealth LLC purchased a new position in shares of Bank of America in the second quarter valued at approximately $33,000. Cloud Capital Management LLC purchased a new position in shares of Bank of America in the first quarter valued at approximately $40,000. Finally, HighMark Wealth Management LLC lifted its position in shares of Bank of America by 233.6% in the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 743 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction 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 sale, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Daiwa Capital Markets raised their target price on Bank of America from $54.00 to $58.00 and gave the company an "outperform" rating in a research report on Wednesday, October 8th. Royal Bank Of Canada raised their target price on Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a research report on Wednesday, October 1st. JPMorgan Chase & Co. raised their target price on Bank of America from $51.00 to $55.00 and gave the company an "overweight" rating in a research report on Friday. Robert W. Baird restated a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Finally, Oppenheimer decreased their target price on Bank of America from $57.00 to $56.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 23rd. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $54.64.

Bank of America Price Performance

BAC stock opened at $48.86 on Tuesday. The business has a fifty day moving average of $49.67 and a two-hundred day moving average of $45.59. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market cap of $361.93 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping 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 return on equity of 10.25% and a net margin of 14.81%.The firm's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 earnings per share. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a stock repurchase 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 purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.3%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America's payout ratio is 32.75%.

Bank of America Company 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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