Lathrop Investment Management Corp Has $746,000 Stock Position in Bank of America Co. (NYSE:BAC)

Lathrop Investment Management Corp increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,805 shares of the financial services provider’s stock after buying an additional 850 shares during the quarter. Lathrop Investment Management Corp’s holdings in Bank of America were worth $746,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Quent Capital LLC raised its holdings in Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after buying an additional 1,037 shares during the period. BOKF NA lifted its position in Bank of America by 10.7% in the 1st quarter. BOKF NA now owns 368,205 shares of the financial services provider’s stock valued at $13,815,000 after acquiring an additional 35,547 shares in the last quarter. Beaird Harris Wealth Management LLC boosted its stake in Bank of America by 439.7% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,657 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 1,350 shares during the period. Mount Yale Investment Advisors LLC bought a new position in Bank of America during the 1st quarter worth about $237,000. Finally, QVR LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at about $500,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Morgan Stanley increased their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. One equities research 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.55 on Friday. The firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32. The business’s 50 day moving average is $42.07 and its 200-day moving average is $40.59. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.05.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the business posted $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 2.23%. Bank of America’s payout ratio is presently 37.82%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the sale, the insider now owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. This represents a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction 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 directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,094,698 shares of company stock valued at $3,876,350,805. 0.29% of the stock is currently owned by company 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.