Bank of America Co. (NYSE:BAC) Shares Sold by Stock Yards Bank & Trust Co.

Stock Yards Bank & Trust Co. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 12.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,379 shares of the financial services provider’s stock after selling 9,910 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Bank of America were worth $2,713,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eaton Financial Holdings Company LLC purchased a new stake in shares of Bank of America during the third quarter worth about $488,000. Tudor Financial Inc. acquired a new stake in Bank of America during the third quarter worth approximately $645,000. SkyView Investment Advisors LLC grew its stake in Bank of America by 4.3% in the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock worth $619,000 after acquiring an additional 645 shares during the period. Fortem Financial Group LLC grew its stake in Bank of America by 2.3% in the 3rd quarter. Fortem Financial Group LLC now owns 16,777 shares of the financial services provider’s stock worth $666,000 after acquiring an additional 375 shares during the period. Finally, Arete Wealth Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at $2,011,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BAC shares. Piper Sandler lifted their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Barclays upped their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. 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. Finally, Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $48.00 to $55.00 in a report on Monday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.92.

Bank of America Stock Performance

NYSE:BAC opened at $46.08 on Friday. Bank of America Co. has a 1-year low of $30.63 and a 1-year high of $48.08. The stock has a market cap of $353.57 billion, a P/E ratio of 16.76, a PEG ratio of 1.56 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50-day moving average of $44.14 and a two-hundred day moving average of $41.40.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.09% and a net margin of 12.48%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. On average, research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders sold 55,223,897 shares of company stock valued at $2,232,505,985. 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.