Cumberland Partners Ltd Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

Cumberland Partners Ltd trimmed its position in Bank of America Co. (NYSE:BAC) by 4.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 54,985 shares of the financial services provider’s stock after selling 2,625 shares during the period. Cumberland Partners Ltd’s holdings in Bank of America were worth $2,182,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Delos Wealth Advisors LLC boosted its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in shares of Bank of America during the second quarter valued at $27,000. POM Investment Strategies LLC lifted 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 valued at $29,000 after purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new position in shares of Bank of America during the third quarter valued at $29,000. Finally, Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the second quarter valued at $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated 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 owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the 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 $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. Morgan Stanley upped their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

Bank of America Trading Up 0.5 %

BAC traded up $0.25 during trading hours on Tuesday, reaching $46.33. 4,761,558 shares of the company’s stock traded hands, compared to its average volume of 38,583,973. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $41.00 and a 200 day moving average price of $40.13. The firm has a market capitalization of $355.48 billion, a PE ratio of 16.76, a PEG ratio of 1.53 and a beta of 1.32. Bank of America Co. has a 52-week low of $27.42 and a 52-week high of $46.52.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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

Bank of America Announces Dividend

The firm 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. This represents a $1.04 annualized dividend and a yield of 2.24%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America 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.