Bank of America Co. (NYSE:BAC) Shares Purchased by Fiduciary Trust Co

Fiduciary Trust Co grew its holdings in Bank of America Co. (NYSE:BAC) by 11.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,009 shares of the financial services provider’s stock after purchasing an additional 18,850 shares during the quarter. Fiduciary Trust Co’s holdings in Bank of America were worth $7,063,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Quent Capital LLC increased its position in shares of Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Cetera Advisors LLC grew its holdings in shares of Bank of America by 239.1% in the first quarter. Cetera Advisors LLC now owns 562,242 shares of the financial services provider’s stock valued at $21,320,000 after purchasing an additional 396,437 shares in the last quarter. Soltis Investment Advisors LLC increased its stake in Bank of America by 2.7% during the 1st quarter. Soltis Investment Advisors LLC now owns 16,731 shares of the financial services provider’s stock worth $634,000 after buying an additional 439 shares during the period. Clear Rock Advisors LLC lifted its holdings in Bank of America by 1.8% during the 1st quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider’s stock worth $3,109,000 after buying an additional 1,425 shares in the last quarter. Finally, American Trust boosted its position in Bank of America by 38.5% in the 1st quarter. American Trust now owns 10,059 shares of the financial services provider’s stock valued at $381,000 after buying an additional 2,798 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Bank of America stock opened at $47.77 on Friday. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.98. The firm has a fifty day moving average of $42.87 and a 200-day moving average of $40.92. The firm has a market capitalization of $366.53 billion, a P/E ratio of 17.37, a PEG ratio of 1.62 and a beta of 1.32. 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 released 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 net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. As a group, analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the transaction, the insider now directly owns 863,977,599 shares in the company, valued at $34,801,017,687.72. This represents a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 70,007,916 shares of company stock valued at $2,829,836,123. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Barclays increased their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer upped their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

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.