Bank of America Co. (NYSE:BAC) Shares Bought by First County Bank CT

First County Bank CT raised its stake in Bank of America Co. (NYSE:BAC) by 7.9% in the third quarter, HoldingsChannel.com reports. The fund owned 8,413 shares of the financial services provider’s stock after purchasing an additional 614 shares during the quarter. First County Bank CT’s holdings in Bank of America were worth $334,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth $27,000. POM Investment Strategies LLC raised 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 worth $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America in the third quarter worth $29,000. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America in the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc raised its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $47.00 on Friday. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.22. The business has a 50-day moving average of $42.24 and a 200-day moving average of $40.65. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $360.63 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.57 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The company’s revenue was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,094,698 shares of company stock worth $3,876,350,805. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BAC shares. Morgan Stanley upped their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

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.