First Citizens Bank & Trust Co. Sells 7,406 Shares of Bank of America Co. (NYSE:BAC)

First Citizens Bank & Trust Co. trimmed its position in Bank of America Co. (NYSE:BAC) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 208,243 shares of the financial services provider’s stock after selling 7,406 shares during the period. First Citizens Bank & Trust Co.’s holdings in Bank of America were worth $8,263,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BAC. Park Avenue Securities LLC lifted its position in Bank of America by 10.9% during the first quarter. Park Avenue Securities LLC now owns 99,869 shares of the financial services provider’s stock valued at $3,787,000 after purchasing an additional 9,784 shares during the last quarter. RFG Advisory LLC increased its stake in Bank of America by 2.2% in the first quarter. RFG Advisory LLC now owns 18,438 shares of the financial services provider’s stock valued at $699,000 after acquiring an additional 402 shares during the last quarter. Sanders Morris Harris LLC purchased a new stake in Bank of America during the first quarter valued at about $311,000. &PARTNERS lifted its stake in Bank of America by 168.7% during the first quarter. &PARTNERS now owns 36,166 shares of the financial services provider’s stock worth $1,371,000 after purchasing an additional 22,708 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Bank of America by 3.4% during the 1st quarter. International Assets Investment Management LLC now owns 107,553 shares of the financial services provider’s stock valued at $4,078,000 after purchasing an additional 3,553 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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 that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,633,120 shares of company stock worth $5,862,871,640. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays increased their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Trading Down 0.6 %

BAC stock opened at $42.33 on Friday. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The firm’s fifty day simple moving average is $39.89 and its two-hundred day simple moving average is $39.41. The stock has a market capitalization of $331.04 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company 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%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. As a group, analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

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

Bank of America Dividend Announcement

The business 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 is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is currently 35.99%.

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.