Bank of America Corporation $BAC Position Trimmed by American National Bank & Trust

American National Bank & Trust trimmed its stake in Bank of America Corporation (NYSE:BAC) by 44.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,047 shares of the financial services provider’s stock after selling 12,100 shares during the quarter. American National Bank & Trust’s holdings in Bank of America were worth $776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Plancorp LLC increased its position in Bank of America by 5.8% in the 1st quarter. Plancorp LLC now owns 103,576 shares of the financial services provider’s stock worth $4,322,000 after purchasing an additional 5,696 shares during the last quarter. Parkwood LLC purchased a new stake in shares of Bank of America during the 1st quarter worth about $16,648,000. Samlyn Capital LLC lifted its holdings in shares of Bank of America by 35.5% during the 1st quarter. Samlyn Capital LLC now owns 9,191,894 shares of the financial services provider’s stock valued at $383,578,000 after buying an additional 2,407,519 shares during the last quarter. Finally, Rise Advisors LLC lifted its holdings in shares of Bank of America by 2.1% during the 1st quarter. Rise Advisors LLC now owns 12,487 shares of the financial services provider’s stock valued at $521,000 after buying an additional 255 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $55.94 on Friday. The company has a market capitalization of $408.49 billion, a PE ratio of 15.24 and a beta of 1.29. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $56.54. The company’s fifty day moving average price is $53.80 and its 200 day moving average price is $50.59.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 earnings per share. As a group, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Friday, December 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BAC. Barclays increased their price objective on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Morgan Stanley reduced their price objective on shares of Bank of America from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. Citigroup upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Dbs Bank upgraded Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.59.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.