Constitution Capital LLC Has $436,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Constitution Capital LLC lessened its position in Bank of America Co. (NYSE:BAC) by 10.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,200 shares of the financial services provider’s stock after selling 1,850 shares during the quarter. Constitution Capital LLC’s holdings in Bank of America were worth $436,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tanglewood Legacy Advisors LLC acquired a new position in shares of Bank of America during the 4th quarter worth approximately $26,000. FNY Investment Advisers LLC boosted its stake in shares of Bank of America by 75.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 397 shares during the period. Castleview Partners LLC bought a new position in shares of Bank of America during the 1st quarter worth approximately $28,000. Ahrens Investment Partners LLC bought a new position in shares of Bank of America during the 1st quarter worth approximately $31,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Bank of America during the 1st quarter worth approximately $34,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on BAC shares. Morgan Stanley lifted their target price on Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. BMO Capital Markets reduced their price target on Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Piper Sandler reduced their price target on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday. Oppenheimer reduced their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. Finally, HSBC assumed coverage on Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 target price for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.98.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.13 during trading on Tuesday, reaching $28.63. 7,550,162 shares of the company’s stock were exchanged, compared to its average volume of 48,945,594. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.83 and a current ratio of 0.83. Bank of America Co. has a 1-year low of $26.32 and a 1-year high of $38.60. The company has a market cap of $227.50 billion, a P/E ratio of 8.28, a PEG ratio of 1.21 and a beta of 1.37. The firm’s 50-day moving average price is $29.98 and its 200 day moving average price is $29.22.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Thursday, August 31st. This is a boost from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s dividend payout ratio is presently 27.59%.

Insiders Place Their Bets

In other Bank of America news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider James P. Demare sold 75,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were 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 of the company’s stock, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

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.