Tompkins Financial Corp Acquires 453 Shares of Bank of America Co. (NYSE:BAC)

Tompkins Financial Corp grew its holdings in Bank of America Co. (NYSE:BAC) by 6.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,777 shares of the financial services provider’s stock after acquiring an additional 453 shares during the period. Tompkins Financial Corp’s holdings in Bank of America were worth $309,000 as of its most recent SEC filing.

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

Bank of America Trading Up 0.8 %

NYSE:BAC traded up $0.36 on Friday, hitting $45.13. 38,331,814 shares of the stock were exchanged, compared to its average volume of 36,782,108. The company’s 50-day moving average price is $40.90 and its 200 day moving average price is $40.04. Bank of America Co. has a 52 week low of $27.34 and a 52 week high of $45.55. The stock has a market capitalization of $346.28 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 1.54 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its board has authorized a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock was 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 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 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 value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BAC shares. BMO Capital Markets lifted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Cfra reissued a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Evercore ISI raised their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.69.

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.