Bank of America Co. (NYSE:BAC) Shares Sold by Cumberland Partners Ltd

Cumberland Partners Ltd reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 4.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,985 shares of the financial services provider’s stock after selling 2,625 shares during the period. Cumberland Partners Ltd’s holdings in Bank of America were worth $2,182,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Bank of America by 5.9% in the first 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 raised its stake in shares of 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 during the period. Swedbank AB purchased a new position in shares of Bank of America in the 1st quarter valued at $261,923,000. 1832 Asset Management L.P. increased its stake in 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 buying an additional 5,749,567 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Bank of America by 290.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after buying an additional 5,293,000 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.25 during trading hours on Tuesday, hitting $46.33. 4,761,558 shares of the company’s stock traded hands, compared to its average volume of 38,583,973. Bank of America Co. has a 12-month low of $27.42 and a 12-month high of $46.52. The stock has a market capitalization of $355.48 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.53 and a beta of 1.32. The company has a fifty day simple moving average of $41.00 and a 200-day simple moving average of $40.13. 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 (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business 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 company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.24%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares in the company, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BAC. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a report on Friday. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.