Bank of America Co. (NYSE:BAC) Position Reduced by Toronto Dominion Bank

Toronto Dominion Bank trimmed its stake in Bank of America Co. (NYSE:BAC) by 4.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,185,057 shares of the financial services provider’s stock after selling 157,337 shares during the quarter. Toronto Dominion Bank’s holdings in Bank of America were worth $126,383,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC grew its holdings in Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. lifted its holdings in Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 231 shares in the last quarter. McAdam LLC lifted its holdings in shares of 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 purchasing an additional 238 shares in the last quarter. Integrity Financial Corp WA boosted its stake in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the period. Finally, BTC Capital Management Inc. grew its stake in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Phillip Securities upgraded shares of 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.92.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the sale, the insider now owns 812,041,811 shares in the company, valued at $31,888,881,917.97. The trade was a 0.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 55,223,897 shares of company stock valued at $2,232,505,985 over the last quarter. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $45.77 on Wednesday. Bank of America Co. has a 1 year low of $30.45 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $351.19 billion, a price-to-earnings ratio of 16.64, a P/E/G ratio of 1.58 and a beta of 1.33. The company has a 50 day simple moving average of $43.87 and a 200 day simple moving average of $41.33.

Bank of America (NYSE:BAC) last announced 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. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed 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. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.