Kimelman & Baird LLC Sells 8,591 Shares of Bank of America Co. (NYSE:BAC)

Kimelman & Baird LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 808,356 shares of the financial services provider’s stock after selling 8,591 shares during the period. Bank of America accounts for approximately 2.6% of Kimelman & Baird LLC’s portfolio, making the stock its 16th largest holding. Kimelman & Baird LLC’s holdings in Bank of America were worth $32,076,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. Fairway Wealth LLC purchased a new position in Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc boosted its stake in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Barclays lifted their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.57.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.75 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52-week low of $30.45 and a 52-week high of $48.08. The company has a fifty day moving average of $43.75 and a 200-day moving average of $41.27. The stock has a market capitalization of $358.71 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.57 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 12.48% and a return on equity of 10.09%. The company’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America’s payout ratio is 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the sale, the insider now owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. This represents a 0.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 56,945,263 shares of company stock valued at $2,300,620,438 in the last ninety days. 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.