First PREMIER Bank Has $1.20 Million Stake in Bank of America Co. (NYSE:BAC)

First PREMIER Bank reduced its stake in Bank of America Co. (NYSE:BAC) by 6.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,335 shares of the financial services provider’s stock after selling 2,000 shares during the period. First PREMIER Bank’s holdings in Bank of America were worth $1,204,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter valued at $27,000. Delos Wealth Advisors LLC increased its holdings 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 valued at $26,000 after purchasing an additional 547 shares during the last quarter. POM Investment Strategies LLC increased its holdings in shares of 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 valued at $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America in the second quarter valued at $30,000. Finally, Livelsberger Financial Advisory acquired a new position in shares of Bank of America in the fourth quarter valued at $28,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock opened at $39.94 on Wednesday. The stock has a market capitalization of $312.35 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock’s 50 day moving average price is $39.31 and its two-hundred day moving average price is $39.20. 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 posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 EPS. On average, equities analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes 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 shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a dividend of $0.26 per share. 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 dividend payout ratio is presently 35.99%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the 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 transaction, the insider now directly owns 784,549,933 shares in the company, valued at $31,421,224,816.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the 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 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 disclosure for this sale can be found here. In the last three months, insiders have sold 156,918,857 shares of company stock worth $6,421,694,213. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BAC shares. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets upped their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Jefferies Financial Group upped 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. Finally, Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

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.