Riverview Trust Co lowered its position in shares of Bank of America Co. (NYSE:BAC) by 65.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,630 shares of the financial services provider’s stock after selling 6,863 shares during the period. Riverview Trust Co’s holdings in Bank of America were worth $87,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in BAC. Lenox Wealth Advisors LLC boosted its holdings in Bank of America by 111.9% during the second quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $26,000 after buying an additional 584 shares in the last quarter. AlphaMark Advisors LLC grew its holdings in shares of Bank of America by 135.4% in the 2nd quarter. AlphaMark Advisors LLC now owns 1,264 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 727 shares during the last quarter. Crewe Advisors LLC raised its position in shares of Bank of America by 363.3% during the third quarter. Crewe Advisors LLC now owns 1,390 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,090 shares during the period. Provident Wealth Management LLC purchased a new stake in shares of Bank of America during the third quarter valued at $35,000. Finally, Costello Asset Management INC acquired a new position in shares of Bank of America in the 2nd quarter valued at $64,000. 68.19% of the stock is currently owned by hedge funds and other institutional investors.
In related news, major shareholder Berkshire Hathaway Inc purchased 13,584,301 shares of Bank of America stock in a transaction on Tuesday, August 4th. The stock was bought at an average price of $24.81 per share, with a total value of $337,026,507.81. Over the last 90 days, insiders have acquired 85,092,006 shares of company stock worth $2,070,253,228. Corporate insiders own 0.20% of the company’s stock.
Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.02). The business had revenue of $20.30 billion during the quarter, compared to analyst estimates of $20.88 billion. Bank of America had a net margin of 19.09% and a return on equity of 9.11%. Bank of America’s revenue was down 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. On average, analysts predict that Bank of America Co. will post 1.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend was Thursday, September 3rd. Bank of America’s payout ratio is 24.49%.
A number of analysts have commented on the stock. Seaport Global Securities assumed coverage on shares of Bank of America in a research note on Wednesday, July 8th. They set a “neutral” rating for the company. Wells Fargo & Company downgraded shares of Bank of America to a “sell” rating in a research report on Friday, July 10th. Morgan Stanley lifted their price objective on shares of Bank of America from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. Credit Suisse Group reissued a “buy” rating and set a $31.00 target price on shares of Bank of America in a research note on Monday, August 3rd. Finally, Societe Generale raised Bank of America from a “hold” rating to a “buy” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $29.31.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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