Union Bankshares Corp Sells 8,200 Shares of Bank of America Corp (BAC)

Union Bankshares Corp trimmed its holdings in shares of Bank of America Corp (NYSE:BAC) by 5.2% in the first quarter, HoldingsChannel reports. The firm owned 148,212 shares of the financial services provider’s stock after selling 8,200 shares during the period. Union Bankshares Corp’s holdings in Bank of America were worth $4,089,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BAC. 6 Meridian grew its stake in Bank of America by 524.0% in the 1st quarter. 6 Meridian now owns 280,180 shares of the financial services provider’s stock worth $7,730,000 after acquiring an additional 235,280 shares during the period. Rowland & Co. Investment Counsel ADV purchased a new stake in Bank of America in the 1st quarter worth approximately $103,000. Dynamic Advisor Solutions LLC grew its stake in Bank of America by 68.1% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 33,957 shares of the financial services provider’s stock worth $937,000 after acquiring an additional 13,762 shares during the period. Manning & Napier Group LLC grew its stake in Bank of America by 1.0% in the 1st quarter. Manning & Napier Group LLC now owns 151,665 shares of the financial services provider’s stock worth $4,183,000 after acquiring an additional 1,485 shares during the period. Finally, Triangle Securities Wealth Management grew its stake in Bank of America by 5.2% in the 1st quarter. Triangle Securities Wealth Management now owns 52,583 shares of the financial services provider’s stock worth $1,451,000 after acquiring an additional 2,600 shares during the period. 65.19% of the stock is owned by institutional investors and hedge funds.

In other news, insider Dean C. Athanasia sold 129,615 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by insiders.

Several analysts have commented on BAC shares. UBS Group set a $33.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Daiwa Capital Markets cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Friday, February 8th. Jefferies Financial Group lifted their target price on shares of Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, January 18th. Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday, January 16th. Finally, ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $32.98.

Shares of NYSE BAC opened at $29.71 on Friday. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91. The firm has a market cap of $307.31 billion, a PE ratio of 11.38, a P/E/G ratio of 1.34 and a beta of 1.49. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The company had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. During the same period in the previous year, the company earned $0.62 EPS. The business’s quarterly revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Corp will post 2.86 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.02%. Bank of America’s dividend payout ratio is presently 22.99%.

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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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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