Bank of America Co. (NYSE:BAC) Shares Purchased by Raymond James Trust N.A.

Raymond James Trust N.A. raised its holdings in Bank of America Co. (NYSE:BAC) by 2.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 234,355 shares of the financial services provider’s stock after purchasing an additional 6,517 shares during the period. Raymond James Trust N.A.’s holdings in Bank of America were worth $9,299,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. McAdam LLC boosted its stake in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 238 shares during the last quarter. Integrity Financial Corp WA raised its position in shares of Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 240 shares in the last quarter. BTC Capital Management Inc. lifted its stake in 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 worth $805,000 after purchasing an additional 248 shares during the last quarter. Central Bank & Trust Co. boosted its holdings in Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC increased its stake in Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of America

In other news, 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 sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on 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 in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,094,698 shares of company stock worth $3,876,350,805 in the last quarter. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

BAC has been the topic of a number of recent research reports. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their target price 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 raised 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, October 18th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.55 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average of $42.07 and a two-hundred day moving average of $40.59. Bank of America Co. has a twelve month low of $29.32 and a twelve month high of $47.05. The company has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.57 and a beta of 1.32.

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 the consensus estimate 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. As a group, 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 business also recently announced 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 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

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.