Pitcairn Co. Sells 7,008 Shares of Bank of America Co. (NYSE:BAC)

Pitcairn Co. lessened its stake in Bank of America Co. (NYSE:BAC) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 112,721 shares of the financial services provider’s stock after selling 7,008 shares during the period. Pitcairn Co.’s holdings in Bank of America were worth $4,473,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Fairway Wealth LLC bought a new stake in shares of Bank of America in the second quarter valued at about $27,000. POM Investment Strategies LLC lifted its stake 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 buying an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in shares of Bank of America in the third quarter valued at about $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America in the second quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $44.26.

Insider Buying and Selling at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,094,698 shares of company stock valued at $3,876,350,805. 0.29% of the stock is currently owned by insiders.

Bank of America Price Performance

BAC opened at $47.00 on Friday. Bank of America Co. has a one year low of $29.32 and a one year high of $47.22. 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 company’s 50 day simple moving average is $42.24 and its 200-day simple moving average is $40.65. The stock has a market capitalization of $360.63 billion, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. Bank of America’s revenue was up .4% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s payout ratio is presently 37.82%.

About Bank of America

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.