Bank of America Co. (NYSE:BAC) Stock Holdings Trimmed by UMB Bank n.a.

UMB Bank n.a. decreased its holdings in Bank of America Co. (NYSE:BAC) by 2.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 852,671 shares of the financial services provider’s stock after selling 21,989 shares during the quarter. UMB Bank n.a.’s holdings in Bank of America were worth $33,834,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Legal & General Group Plc lifted its position in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the period. Capital World Investors increased its position in shares of Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of Bank of America by 17.1% in the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock worth $1,267,820,000 after buying an additional 5,488,790 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.8 %

Shares of NYSE:BAC traded down $0.32 during trading on Thursday, reaching $39.87. 6,422,344 shares of the company traded hands, compared to its average volume of 38,703,809. The firm has a fifty day simple moving average of $39.31 and a 200 day simple moving average of $39.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market cap of $311.80 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on BAC shares. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Evercore ISI lifted their price target on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Morgan Stanley cut their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Activity at Bank of America

In other Bank of America news, 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 stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated 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 directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on 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 sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. 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. 0.29% of the stock is owned by insiders.

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.