AMG National Trust Bank Sells 13,714 Shares of Bank of America Co. (NYSE:BAC)

AMG National Trust Bank cut its holdings in Bank of America Co. (NYSE:BAC) by 23.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,915 shares of the financial services provider’s stock after selling 13,714 shares during the period. AMG National Trust Bank’s holdings in Bank of America were worth $1,782,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aljian Capital Management LLC acquired a new position in Bank of America in the third quarter valued at approximately $2,029,000. Claro Advisors LLC lifted its position in shares of Bank of America by 43.9% during the 3rd quarter. Claro Advisors LLC now owns 60,312 shares of the financial services provider’s stock valued at $2,393,000 after acquiring an additional 18,400 shares during the period. Concord Asset Management LLC VA boosted its stake in Bank of America by 1.9% during the third quarter. Concord Asset Management LLC VA now owns 15,868 shares of the financial services provider’s stock worth $630,000 after acquiring an additional 294 shares in the last quarter. Accent Capital Management LLC grew its holdings in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Finally, Adero Partners LLC increased its stake in Bank of America by 15.9% in the third quarter. Adero Partners LLC now owns 6,992 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 961 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have assigned 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.72 on Tuesday. The firm has a market cap of $358.48 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The stock has a fifty day simple moving average of $41.64 and a two-hundred day simple moving average of $40.44. 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 $29.32 and a 1-year high of $47.02.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during 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 firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. Analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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

Insider Buying and Selling

In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the transaction, the insider now directly owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,848,970 shares of company stock valued at $4,145,103,288. Company insiders own 0.29% of the company’s stock.

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.