Bank of America Co. (NYSE:BAC) Shares Bought by Bath Savings Trust Co

Bath Savings Trust Co raised its stake in Bank of America Co. (NYSE:BAC) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,620 shares of the financial services provider’s stock after purchasing an additional 500 shares during the period. Bath Savings Trust Co’s holdings in Bank of America were worth $382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of BAC. Delos Wealth Advisors LLC raised its position in shares of 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 worth $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $27,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter worth about $28,000. POM Investment Strategies LLC increased 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 worth $29,000 after buying an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth approximately $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.05, for a total value of $163,250,568.45. Following the completion of the transaction, the insider now directly owns 784,549,933 shares of the company’s stock, valued at $31,421,224,816.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the transaction, the insider now directly owns 784,549,933 shares in the company, valued at approximately $31,421,224,816.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,918,857 shares of company stock valued at $6,421,694,213 over the last three months. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on BAC shares. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Cfra restated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Royal Bank of Canada lifted their price target on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Stock Down 0.0 %

BAC opened at $39.95 on Wednesday. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a market cap of $312.42 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.37 and a beta of 1.33. The business’s fifty day moving average is $39.34 and its two-hundred day moving average is $39.18. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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

Bank of America declared that its board has authorized a stock buyback program 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is 35.99%.

Bank of America Company 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.