Pitcairn Co. Has $4.47 Million Stake in Bank of America Co. (NYSE:BAC)

Pitcairn Co. trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 5.9% during the third quarter, HoldingsChannel reports. The fund owned 112,721 shares of the financial services provider’s stock after selling 7,008 shares during the period. Pitcairn Co.’s holdings in Bank of America were worth $4,473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. McAdam LLC raised its holdings in shares of Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the period. Integrity Financial Corp WA raised its holdings in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the period. BTC Capital Management Inc. raised its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. raised its holdings in shares of Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares during the period. Finally, SNS Financial Group LLC raised its holdings in shares of Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BAC. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Citigroup upgraded 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 research note on Friday, November 8th. Finally, Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Bank of America Stock Performance

Shares of BAC stock opened at $47.00 on Friday. The company has a market capitalization of $360.63 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.57 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. The company has a 50-day simple moving average of $42.24 and a 200 day simple moving average of $40.65. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.22.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. On average, sell-side 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 disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend 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 11,422,560 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The trade was a 1.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 transaction 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. The trade was a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,094,698 shares of company stock valued at $3,876,350,805 in the last quarter. Company insiders own 0.29% of the company’s stock.

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.