Bank of America Co. (NYSE:BAC) Holdings Reduced by Park National Corp OH

Park National Corp OH lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,197 shares of the financial services provider’s stock after selling 9,680 shares during the period. Park National Corp OH’s holdings in Bank of America were worth $3,525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter valued at approximately $27,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter valued at $29,000. Christopher J. Hasenberg Inc raised its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in Bank of America in the third quarter worth about $45,000. Finally, Truvestments Capital LLC bought a new position in Bank of America in the 3rd quarter valued at about $73,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on BAC. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday. Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Up 1.5 %

Shares of Bank of America stock opened at $46.10 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The stock has a 50-day moving average price of $45.30 and a 200 day moving average price of $42.09. The company has a market cap of $353.72 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly 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 expect 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 was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio is 37.82%.

Insider Activity

In related news, 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 trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by corporate insiders.

About Bank of America

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.