Toronto Dominion Bank Sells 157,337 Shares of Bank of America Co. (NYSE:BAC)

Toronto Dominion Bank cut its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 4.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,185,057 shares of the financial services provider's stock after selling 157,337 shares during the quarter. Toronto Dominion Bank's holdings in Bank of America were worth $126,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Fairway Wealth LLC purchased a new stake in Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC lifted its holdings in 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 worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank purchased a new stake in Bank of America in the third quarter worth about $29,000. Christopher J. Hasenberg Inc lifted its holdings in 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 worth $40,000 after buying an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the third quarter worth about $45,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.21 during mid-day trading on Wednesday, hitting $45.96. 21,584,370 shares of the company's stock traded hands, compared to its average volume of 38,238,262. The company's 50-day moving average is $44.00 and its two-hundred day moving average is $41.37. 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 has a market capitalization of $352.65 billion, a P/E ratio of 16.59, a PEG ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 1 year low of $30.45 and a 1 year high of $48.08.

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

Bank of America Dividend Announcement

The company also recently declared 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. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America's payout ratio is 37.82%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Morgan Stanley lowered shares of Bank of America from an "overweight" rating to an "equal weight" rating and raised their price objective for the stock from $48.00 to $55.00 in a report on Monday. Oppenheimer lifted their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, November 5th. Royal Bank of Canada reiterated an "outperform" rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Piper Sandler lifted their target price on shares of Bank of America from $44.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday, December 3rd. Finally, Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $45.92.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the company's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24. Following the transaction, the insider now directly owns 854,214,328 shares in the company, valued at $33,809,803,102.24. This represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders have sold 55,223,897 shares of company stock worth $2,232,505,985. Insiders own 0.29% of the company's stock.

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.