Bank of America Co. (NYSE:BAC) Holdings Lowered by Field & Main Bank

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Field & Main Bank trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 7.4% during the third quarter, Holdings Channel reports. The institutional investor owned 12,823 shares of the financial services provider’s stock after selling 1,028 shares during the period. Field & Main Bank’s holdings in Bank of America were worth $309,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in BAC. EdgePoint Investment Group Inc. bought a new stake in shares of Bank of America during the 2nd quarter worth about $350,740,000. Nordea Investment Management AB raised its position in shares of Bank of America by 94.2% during the 2nd quarter. Nordea Investment Management AB now owns 14,883,900 shares of the financial services provider’s stock worth $348,432,000 after buying an additional 7,218,779 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Bank of America by 51.6% during the 2nd quarter. Bessemer Group Inc. now owns 21,055,944 shares of the financial services provider’s stock worth $500,078,000 after buying an additional 7,164,156 shares in the last quarter. MUFG Securities EMEA plc grew its stake in shares of Bank of America by 1,172.8% in the 2nd quarter. MUFG Securities EMEA plc now owns 3,348,712 shares of the financial services provider’s stock worth $79,532,000 after purchasing an additional 3,085,615 shares during the last quarter. Finally, Epoch Investment Partners Inc. grew its stake in shares of Bank of America by 56.4% in the 2nd quarter. Epoch Investment Partners Inc. now owns 7,858,952 shares of the financial services provider’s stock worth $186,650,000 after purchasing an additional 2,834,964 shares during the last quarter. Institutional investors own 68.19% of the company’s stock.

BAC traded up $0.03 on Friday, reaching $24.90. 51,007,411 shares of the company traded hands, compared to its average volume of 55,799,304. The stock’s 50 day moving average price is $24.79 and its 200-day moving average price is $24.36. Bank of America Co. has a 52-week low of $17.95 and a 52-week high of $35.72. The company has a market cap of $215.74 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 1.95 and a beta of 1.54. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.02). The company had revenue of $20.30 billion for the quarter, compared to analysts’ expectations of $20.88 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 1.77 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Thursday, December 3rd. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $26.00 to $27.50 and gave the stock an “overweight” rating in a research note on Tuesday, October 6th. Wells Fargo & Company cut shares of Bank of America to a “sell” rating in a research note on Friday, July 10th. DA Davidson cut shares of Bank of America from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $27.00 to $25.00 in a research note on Thursday, July 9th. Credit Suisse Group reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Bank of America in a research note on Monday, August 3rd. Finally, Societe Generale raised shares of 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 issued a buy rating to the company. Bank of America has an average rating of “Buy” and an average target price of $29.31.

In other Bank of America news, major shareholder Berkshire Hathaway Inc bought 13,584,301 shares of Bank of America stock in a transaction on Tuesday, August 4th. The stock was purchased at an average cost of $24.81 per share, for a total transaction of $337,026,507.81. Insiders acquired 51,189,383 shares of company stock valued at $1,256,929,302 over the last quarter. Corporate insiders own 0.20% 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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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