Field & Main Bank Sells 491 Shares of Bank of America Co. (NYSE:BAC)

Field & Main Bank decreased its position in Bank of America Co. (NYSE:BAC) by 1.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 24,745 shares of the financial services provider’s stock after selling 491 shares during the period. Field & Main Bank’s holdings in Bank of America were worth $982,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of BAC. Vanguard Group Inc. lifted its stake in Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB lifted its stake in Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after acquiring an additional 8,447,091 shares in the last quarter. Swedbank AB bought a new stake in Bank of America in the 1st quarter valued at approximately $261,923,000. 1832 Asset Management L.P. raised its stake in shares of Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Bank of America by 290.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after purchasing an additional 5,293,000 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the sale, the insider now directly owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 sale, the insider now directly owns 96,082 shares in the company, 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 sold a total of 113,067,817 shares of company stock worth $4,548,518,070 in the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

NYSE:BAC opened at $45.13 on Friday. The stock has a fifty day moving average price of $40.90 and a 200-day moving average price of $40.04. The company has a market cap of $346.28 billion, a price-to-earnings ratio of 16.41, a PEG 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 Co. has a fifty-two week low of $27.34 and a fifty-two week high of $45.55.

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. 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 the consensus estimate of $25.25 billion. During the same period in the prior year, the company earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

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

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. BMO Capital Markets boosted their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Barclays boosted their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $43.69.

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.