Trust Point Inc. Acquires 3,607 Shares of Bank of America Co. (NYSE:BAC)

Trust Point Inc. grew its holdings in Bank of America Co. (NYSE:BAC) by 10.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,975 shares of the financial services provider’s stock after acquiring an additional 3,607 shares during the quarter. Trust Point Inc.’s holdings in Bank of America were worth $1,507,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. McAdam LLC raised its stake in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares in the last quarter. BTC Capital Management Inc. increased its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares in the last quarter. Central Bank & Trust Co. increased its stake in shares of Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares in the last quarter. SNS Financial Group LLC increased its stake in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after buying an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in shares of Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after buying an additional 251 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Finally, BMO Capital Markets lifted their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.62.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 144,633,120 shares of company stock worth $5,862,871,640 in the last quarter. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

NYSE:BAC traded down $0.25 on Friday, hitting $42.35. The company had a trading volume of 10,144,162 shares, compared to its average volume of 38,763,594. The firm has a 50 day moving average of $39.81 and a two-hundred day moving average of $39.38. The stock has a market capitalization of $331.19 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 1.39 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 company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the firm posted $0.90 EPS. The company’s revenue for the quarter was up .4% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.