Thrive Wealth Management LLC Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Thrive Wealth Management LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 23.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,978 shares of the financial services provider’s stock after selling 2,774 shares during the period. Thrive Wealth Management LLC’s holdings in Bank of America were worth $258,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Old North State Trust LLC raised its position in shares of Bank of America by 1.8% in the 1st quarter. Old North State Trust LLC now owns 23,584 shares of the financial services provider’s stock valued at $675,000 after purchasing an additional 420 shares during the last quarter. Lavaca Capital LLC grew its holdings in shares of Bank of America by 7.3% during the first quarter. Lavaca Capital LLC now owns 12,216 shares of the financial services provider’s stock valued at $373,000 after buying an additional 828 shares during the last quarter. Independence Bank of Kentucky increased its position in shares of Bank of America by 14.2% in the 2nd quarter. Independence Bank of Kentucky now owns 16,685 shares of the financial services provider’s stock valued at $479,000 after acquiring an additional 2,075 shares during the period. ExodusPoint Capital Management LP purchased a new position in Bank of America in the 1st quarter worth $1,288,000. Finally, Connolly Sarah T. lifted its position in Bank of America by 1.2% during the 1st quarter. Connolly Sarah T. now owns 67,258 shares of the financial services provider’s stock worth $1,924,000 after acquiring an additional 784 shares during the period. 68.06% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $28.76 on Tuesday. 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 stock has a market capitalization of $228.54 billion, a PE ratio of 8.26, a P/E/G ratio of 1.21 and a beta of 1.37. Bank of America Co. has a fifty-two week low of $26.32 and a fifty-two week high of $38.60. The company has a fifty day moving average of $29.98 and a two-hundred day moving average of $29.22.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.34%. This is a boost from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, August 31st. Bank of America’s payout ratio is presently 27.59%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BAC shares. StockNews.com began coverage on Bank of America in a report on Thursday, August 17th. They set a “hold” rating for the company. Morgan Stanley increased their price objective on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Oppenheimer decreased their target price on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $35.00 price target on shares of Bank of America in a research report on Tuesday, September 12th. Finally, BMO Capital Markets dropped their target price on Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $35.98.

Insider Activity at Bank of America

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

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.