Plimoth Trust Co. LLC Sells 3,843 Shares of Bank of America Co. (NYSE:BAC)

Plimoth Trust Co. LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 4.2% during the third quarter, HoldingsChannel.com reports. The fund owned 87,230 shares of the financial services provider’s stock after selling 3,843 shares during the period. Plimoth Trust Co. LLC’s holdings in Bank of America were worth $3,461,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new position in Bank of America during the 2nd quarter worth approximately $27,000. Delos Wealth Advisors LLC grew its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the 2nd quarter valued at $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’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 transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred 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 sale, 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. Over the last quarter, insiders sold 138,284,099 shares of company stock valued at $5,593,609,660. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. Oppenheimer upped their target price on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note 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 target on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Trading Down 1.3 %

Shares of NYSE:BAC traded down $0.56 during mid-day trading on Monday, hitting $41.76. The company had a trading volume of 26,336,434 shares, compared to its average volume of 38,803,113. The company has a market capitalization of $326.58 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The firm has a fifty day moving average price of $39.89 and a 200 day moving average price of $39.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a stock buyback 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.49%. Bank of America’s payout ratio is currently 35.99%.

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.