TD Asset Management Inc Sells 14,680 Shares of Bank of America Co. (NYSE:BAC)

TD Asset Management Inc cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,887,979 shares of the financial services provider’s stock after selling 14,680 shares during the period. TD Asset Management Inc’s holdings in Bank of America were worth $114,855,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BAC. Delos Wealth Advisors LLC grew its stake in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the second quarter worth approximately $30,000. Livelsberger Financial Advisory purchased a new stake in Bank of America during the 4th quarter valued at $28,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. Morgan Stanley lifted their price objective on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Royal Bank of Canada increased their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, BMO Capital Markets increased their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Down 0.9 %

Shares of BAC opened at $40.13 on Friday. The business’s 50 day moving average is $40.32 and its 200 day moving average is $38.46. The company has a market capitalization of $313.83 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. 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 (NYSE:BAC) last issued 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 company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the company earned $0.88 EPS. Research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,670,620 shares of company stock valued at $4,651,681,930. 0.29% of the stock is owned by company 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.