Bank of America Co. (NYSE:BAC) Shares Sold by Trust Asset Management LLC

Trust Asset Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 3.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 79,939 shares of the financial services provider’s stock after selling 2,537 shares during the quarter. Bank of America comprises about 0.3% of Trust Asset Management LLC’s holdings, making the stock its 27th largest position. Trust Asset Management LLC’s holdings in Bank of America were worth $3,172,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Longfellow Investment Management Co. LLC increased its holdings in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares during the period. McAdam LLC boosted its position in shares of 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 buying an additional 238 shares during the period. Integrity Financial Corp WA grew its holdings in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares in the last quarter. BTC Capital Management Inc. increased its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the period. Finally, Central Bank & Trust Co. grew its position in Bank of America by 15.1% in the 2nd 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. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on BAC. Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Stock Up 0.8 %

NYSE:BAC traded up $0.37 during trading hours on Monday, hitting $47.37. 3,745,583 shares of the company’s stock traded hands, compared to its average volume of 38,471,422. Bank of America Co. has a twelve month low of $29.32 and a twelve month high of $47.49. The firm has a market cap of $363.46 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.59 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s fifty day moving average price is $42.24 and its two-hundred day moving average price is $40.69.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $39.95, for a total value of $282,888,946.25. Following the completion of the sale, the insider now directly owns 896,719,301 shares in the company, valued at approximately $35,823,936,074.95. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were 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 approximately $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,119,690 shares of company stock valued at $3,438,777,236. 0.29% of the stock is owned by corporate insiders.

About Bank of America

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.