Field & Main Bank Sells 491 Shares of Bank of America Co. (NYSE:BAC)

Field & Main Bank trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,745 shares of the financial services provider’s stock after selling 491 shares during the quarter. Field & Main Bank’s holdings in Bank of America were worth $982,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Tompkins Financial Corp increased its holdings in Bank of America by 6.2% in the third quarter. Tompkins Financial Corp now owns 7,777 shares of the financial services provider’s stock worth $309,000 after purchasing an additional 453 shares in the last quarter. Rather & Kittrell Inc. increased its holdings in Bank of America by 2.3% in the third quarter. Rather & Kittrell Inc. now owns 26,289 shares of the financial services provider’s stock worth $1,043,000 after purchasing an additional 588 shares in the last quarter. Klingman & Associates LLC increased its holdings in Bank of America by 3.9% in the third quarter. Klingman & Associates LLC now owns 11,139 shares of the financial services provider’s stock worth $442,000 after purchasing an additional 416 shares in the last quarter. Assetmark Inc. increased its holdings in Bank of America by 5.8% in the third quarter. Assetmark Inc. now owns 878,415 shares of the financial services provider’s stock worth $34,855,000 after purchasing an additional 47,896 shares in the last quarter. Finally, Beta Wealth Group Inc. increased its holdings in Bank of America by 44.3% in the third quarter. Beta Wealth Group Inc. now owns 10,115 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 3,105 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BAC. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, September 3rd. Barclays boosted their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Stock Up 0.8 %

BAC stock opened at $45.13 on Friday. The stock’s fifty day simple moving average is $40.90 and its two-hundred day simple moving average is $40.04. 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 Co. has a 1-year low of $27.34 and a 1-year high of $45.55. The stock has a market cap of $346.28 billion, a P/E ratio of 16.41, a P/E/G ratio of 1.54 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.27 EPS for the current 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 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 2.30%. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070 in the last 90 days. Insiders own 0.29% of the company’s stock.

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.