Watch Point Trust Co Takes Position in Bank of America Corp (NYSE:BAC)

Watch Point Trust Co purchased a new stake in shares of Bank of America Corp (NYSE:BAC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 94,971 shares of the financial services provider’s stock, valued at approximately $2,771,000.

Several other hedge funds have also recently made changes to their positions in BAC. Garrett Wealth Advisory Group LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $25,000. Larson Financial Group LLC raised its holdings in Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after buying an additional 880 shares during the period. Salomon & Ludwin LLC raised its holdings in Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after buying an additional 814 shares during the period. Selective Wealth Management Inc. purchased a new stake in Bank of America in the 3rd quarter valued at about $43,000. Finally, WealthStone Inc. purchased a new stake in Bank of America in the 2nd quarter valued at about $49,000. 70.75% of the stock is currently owned by hedge funds and other institutional investors.

Shares of BAC stock traded up $0.03 during trading hours on Friday, reaching $33.26. 38,313,549 shares of the stock were exchanged, compared to its average volume of 56,181,609. The business’s fifty day moving average is $30.19 and its two-hundred day moving average is $29.06. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $33.60. The firm has a market capitalization of $299.18 billion, a P/E ratio of 12.74, a P/E/G ratio of 1.27 and a beta of 1.62.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same period in the prior year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Corp will post 2.89 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.16%. Bank of America’s payout ratio is 27.59%.

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $36.00 to $29.00 in a report on Thursday, September 5th. Raymond James lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Morgan Stanley reduced their price objective on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. Finally, UBS Group boosted their price target on shares of Bank of America from $33.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $32.59.

In related news, insider Kathleen A. Knox sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $30.23, for a total value of $1,209,200.00. Following the completion of the transaction, the insider now directly owns 43,744 shares of the company’s stock, valued at $1,322,381.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank P. Bramble sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $1,566,500. The disclosure for this sale can be found here. Insiders have sold 51,870 shares of company stock worth $1,476,104 over the last 90 days. Insiders own 0.17% of the company’s stock.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Read More: Trading Strategy Examples and Plans

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply