JTC Employer Solutions Trustee Ltd Sells 6,000 Shares of Bank of America Co. (NYSE:BAC)

JTC Employer Solutions Trustee Ltd trimmed its position in Bank of America Co. (NYSE:BAC) by 1.7% during the third quarter, Holdings Channel reports. The institutional investor owned 346,800 shares of the financial services provider’s stock after selling 6,000 shares during the quarter. Bank of America makes up about 0.9% of JTC Employer Solutions Trustee Ltd’s investment portfolio, making the stock its 11th biggest holding. JTC Employer Solutions Trustee Ltd’s holdings in Bank of America were worth $13,767,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. McAdam LLC increased its position 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 valued at $455,000 after buying an additional 238 shares during the period. BTC Capital Management Inc. increased its position 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 valued at $805,000 after buying an additional 248 shares during the period. Central Bank & Trust Co. increased its position 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 valued at $75,000 after buying an additional 248 shares during the period. SNS Financial Group LLC increased its position 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 valued at $310,000 after buying an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC increased its position in shares of Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after buying an additional 251 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. 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 dated 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 sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 144,633,120 shares of company stock worth $5,862,871,640. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Oppenheimer upped their price objective on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $42.33 on Friday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a market capitalization of $331.04 billion, a P/E ratio of 14.65, a PEG ratio of 1.39 and a beta of 1.33. The firm has a fifty day simple moving average of $39.89 and a two-hundred day simple moving average of $39.41. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the business earned $0.90 EPS. On average, analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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.