Trust Co. of Toledo NA OH Has $512,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Trust Co. of Toledo NA OH lifted its position in Bank of America Co. (NYSE:BAC) by 2.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 12,871 shares of the financial services provider’s stock after purchasing an additional 304 shares during the period. Trust Co. of Toledo NA OH’s holdings in Bank of America were worth $512,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. International Assets Investment Management LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $104,000,000. Nilsine Partners LLC raised its stake in Bank of America by 12.3% during the 4th quarter. Nilsine Partners LLC now owns 15,224 shares of the financial services provider’s stock valued at $513,000 after purchasing an additional 1,671 shares during the last quarter. Prime Capital Investment Advisors LLC raised its stake in Bank of America by 76.5% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 265,027 shares of the financial services provider’s stock valued at $8,923,000 after purchasing an additional 114,882 shares during the last quarter. Financial Insights Inc. raised its stake in Bank of America by 12.5% during the 4th quarter. Financial Insights Inc. now owns 13,431 shares of the financial services provider’s stock valued at $452,000 after purchasing an additional 1,494 shares during the last quarter. Finally, 180 Wealth Advisors LLC raised its stake in Bank of America by 6.6% during the 4th quarter. 180 Wealth Advisors LLC now owns 20,902 shares of the financial services provider’s stock valued at $709,000 after purchasing an additional 1,291 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC traded up $0.25 during trading hours on Tuesday, hitting $36.90. The stock had a trading volume of 40,601,435 shares, compared to its average volume of 39,690,047. The company’s fifty day moving average is $40.43 and its two-hundred day moving average is $37.57. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a market capitalization of $286.33 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 EPS. On average, analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.26 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.82%. Bank of America’s dividend payout ratio is 33.22%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 56,538,765 shares of company stock worth $2,403,399,367 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Oppenheimer upped their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Royal Bank of Canada boosted their price target on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.07.

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.