Pettyjohn Wood & White Inc. Sells 6,702 Shares of Bank of America Corporation (NYSE:BAC)

Key Points

• Pettyjohn Wood & White Inc. reduced its holdings in Bank of America Corporation (NYSE:BAC) by 2.9% during the first quarter, now owning 227,671 shares valued at approximately $9.5 million.
• Bank of America declared a quarterly dividend of $0.28, representing a 2.4% yield, which is an increase from the previous $0.26 dividend.
• Analysts have varied ratings for Bank of America, with targets adjusted by firms like Goldman Sachs (up from $46 to $52) and Baird R W downgrading from "strong-buy" to "hold."

Pettyjohn Wood & White Inc. decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 227,671 shares of the financial services provider's stock after selling 6,702 shares during the period. Bank of America comprises about 1.8% of Pettyjohn Wood & White Inc.'s holdings, making the stock its 15th largest holding. Pettyjohn Wood & White Inc.'s holdings in Bank of America were worth $9,501,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Nicolet Advisory Services LLC boosted its position in shares of Bank of America by 3.9% in the 4th quarter. Nicolet Advisory Services LLC now owns 31,984 shares of the financial services provider's stock worth $1,443,000 after purchasing an additional 1,202 shares in the last quarter. Westpac Banking Corp boosted its position in shares of Bank of America by 14.0% in the 4th quarter. Westpac Banking Corp now owns 283,289 shares of the financial services provider's stock worth $12,451,000 after purchasing an additional 34,826 shares in the last quarter. Finally, World Investment Advisors boosted its position in shares of Bank of America by 17.4% in the 4th quarter. World Investment Advisors now owns 137,308 shares of the financial services provider's stock worth $6,035,000 after purchasing an additional 20,357 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 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 approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $1.62 during midday trading on Friday, hitting $45.65. The company had a trading volume of 52,302,841 shares, compared to its average volume of 39,411,248. 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 company has a market cap of $343.83 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.31. The company has a fifty day moving average of $46.27 and a two-hundred day moving average of $43.81.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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 analyst estimates of $26.79 billion. During the same period in the prior year, the business posted $0.83 EPS. Bank of America's revenue was up 4.3% on a year-over-year basis. On average, equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

Analyst Ratings Changes

A number of brokerages have recently commented on BAC. Robert W. Baird reissued a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Oppenheimer upped their price objective on Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday. The Goldman Sachs Group upped their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Keefe, Bruyette & Woods lowered their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.13.

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.