Bank of America Co. (NYSE:BAC) Shares Sold by AMG National Trust Bank

AMG National Trust Bank lessened its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 23.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,915 shares of the financial services provider's stock after selling 13,714 shares during the quarter. AMG National Trust Bank's holdings in Bank of America were worth $1,782,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at about $27,000. POM Investment Strategies LLC lifted its position in shares of Bank of America by 839.0% during the 2nd 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 in the last quarter. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter worth $29,000. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc increased its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock worth $40,000 after purchasing an additional 852 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Bernard A. Mensah sold 92,000 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company's stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This trade represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 102,848,970 shares of company stock worth $4,145,103,288 in the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.34 during trading hours on Tuesday, reaching $46.38. 18,257,238 shares of the stock traded hands, compared to its average volume of 38,602,852. The company's 50-day simple moving average is $41.64 and its two-hundred day simple moving average is $40.44. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.02. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $355.87 billion, a P/E ratio of 16.91, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The business's revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors 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 2.24%. The ex-dividend date is Friday, December 6th. Bank of America's payout ratio is 37.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Barclays increased their target price on Bank of America from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a "neutral" rating to a "buy" rating and raised their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Evercore ISI increased their price target on Bank of America from $44.00 to $45.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Oppenheimer upped their target price on Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, November 5th. Finally, Morgan Stanley lifted their price target on Bank of America from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $44.26.

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.