WASHINGTON TRUST Co Cuts Holdings in Bank of America Co. (NYSE:BAC)

WASHINGTON TRUST Co decreased its position in Bank of America Co. (NYSE:BAC) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 303,564 shares of the financial services provider’s stock after selling 13,114 shares during the period. WASHINGTON TRUST Co’s holdings in Bank of America were worth $12,045,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of BAC. Delos Wealth Advisors LLC boosted its position in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter worth about $27,000. POM Investment Strategies LLC grew its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the second quarter worth about $30,000. Finally, Clearstead Trust LLC raised its position in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,078,718 shares of company stock valued at $4,548,920,425 in the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Trading Up 0.1 %

Bank of America stock traded up $0.04 during trading hours on Wednesday, reaching $42.57. The stock had a trading volume of 16,843,014 shares, compared to its average volume of 38,392,852. The stock has a market cap of $330.33 billion, a PE ratio of 15.44, a PEG ratio of 1.42 and a beta of 1.33. The company has a fifty day simple moving average of $40.37 and a 200-day simple moving average of $39.71. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 52 week low of $25.72 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last announced its 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 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 company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS. Analysts forecast that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. Bank of America’s payout ratio is 37.82%.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. 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. Jefferies Financial Group boosted their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company 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 given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

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.