Trust Asset Management LLC Has $3.17 Million Holdings in Bank of America Co. (NYSE:BAC)

Trust Asset Management LLC lessened its position in Bank of America Co. (NYSE:BAC) by 3.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 79,939 shares of the financial services provider’s stock after selling 2,537 shares during the period. Bank of America accounts for about 0.3% of Trust Asset Management LLC’s investment portfolio, making the stock its 27th largest holding. Trust Asset Management LLC’s holdings in Bank of America were worth $3,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Longfellow Investment Management Co. LLC boosted 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 in the last quarter. McAdam LLC lifted its position 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 worth $455,000 after buying an additional 238 shares during the period. 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 valued at $590,000 after buying an additional 240 shares in the last quarter. BTC Capital Management Inc. grew its position in Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the period. Finally, Central Bank & Trust Co. lifted its holdings in shares of Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.8 %

NYSE BAC traded up $0.37 on Monday, reaching $47.37. The company had a trading volume of 3,745,583 shares, compared to its average volume of 38,471,422. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.49. The stock’s 50 day moving average is $42.24 and its 200-day moving average is $40.69. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $363.46 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.59 and a beta of 1.32.

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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business posted $0.90 EPS. Bank of America’s revenue was up .4% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.20%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BAC. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Oppenheimer boosted their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Morgan Stanley boosted their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 85,119,690 shares of company stock valued at $3,438,777,236 over the last three months. 0.29% of the stock is currently 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.