Community Trust & Investment Co. Buys New Position in Bank of America Co. (NYSE:BAC)

Community Trust & Investment Co. acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, HoldingsChannel reports. The firm acquired 8,035 shares of the financial services provider’s stock, valued at approximately $319,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new stake in Bank of America during the 2nd quarter valued at approximately $27,000. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. POM Investment Strategies LLC raised its stake in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC raised its stake in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $42.29 on Wednesday. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The business’s fifty day moving average price is $40.04 and its two-hundred day moving average price is $39.51. 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 has a market cap of $330.72 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

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

Bank of America declared that its board has approved a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction 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 directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 132,863,500 shares of company stock worth $5,363,830,468 over the last quarter. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

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.