First City Capital Management Inc. Sells 1,269 Shares of Bank of America Co. (NYSE:BAC)

First City Capital Management Inc. reduced its position in Bank of America Co. (NYSE:BAC) by 2.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,980 shares of the financial services provider’s stock after selling 1,269 shares during the quarter. Bank of America accounts for approximately 1.3% of First City Capital Management Inc.’s investment portfolio, making the stock its 18th largest holding. First City Capital Management Inc.’s holdings in Bank of America were worth $2,266,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in BAC. Delos Wealth Advisors LLC boosted its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth $27,000. Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter valued at about $28,000. POM Investment Strategies LLC boosted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America in the second quarter worth about $30,000. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Jefferies Financial Group lifted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada increased their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Stock Down 1.5 %

Shares of BAC stock opened at $40.27 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The stock has a 50 day moving average of $39.98 and a 200 day moving average of $38.88. The stock has a market cap of $314.93 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.88 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has approved a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the sale, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders have sold 129,780,724 shares of company stock worth $5,342,589,705 in the last ninety days. Company insiders own 0.29% of the company’s stock.

Bank of America 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.