Bank of America Co. (NYSE:BAC) Shares Sold by Castle Rock Wealth Management LLC

Castle Rock Wealth Management LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 23.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 10,197 shares of the financial services provider’s stock after selling 3,173 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Bank of America were worth $296,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Tanglewood Legacy Advisors LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $26,000. Castleview Partners LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $28,000. Ahrens Investment Partners LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Bank of America during the first quarter valued at approximately $34,000. Finally, Grey Fox Wealth Advisors LLC bought a new stake in shares of Bank of America in the fourth quarter worth $35,000. 68.06% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $28.84 on Monday. Bank of America Co. has a 1 year low of $26.32 and a 1 year high of $38.60. The company has a market cap of $229.17 billion, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 1.22 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a fifty day moving average of $29.98 and a 200-day moving average of $29.22.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.04. The company had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $24.98 billion. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.41 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.24 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.96 annualized dividend and a yield of 3.33%. This is an increase from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s dividend payout ratio is presently 27.59%.

Insider Buying and Selling

In related news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $31.48, for a total value of $2,449,332.88. Following the completion of the sale, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the sale, the insider now directly owns 185,108 shares in the company, valued at $5,836,455.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the sale, the insider now owns 353,971 shares in the company, valued at $11,143,007.08. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BAC. Morgan Stanley lifted their price target on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. HSBC began coverage on shares of Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 price target for the company. StockNews.com began coverage on shares of Bank of America in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Piper Sandler dropped their price target on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday. Finally, BMO Capital Markets dropped their price target on shares of Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average target price of $35.98.

About Bank of America

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.