Capital City Trust Co. FL Purchases 16,975 Shares of Bank of America Co. (NYSE:BAC)

Capital City Trust Co. FL boosted its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 232.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,283 shares of the financial services provider's stock after buying an additional 16,975 shares during the period. Capital City Trust Co. FL's holdings in Bank of America were worth $964,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Braun Stacey Associates Inc. raised its stake in Bank of America by 0.6% in the third quarter. Braun Stacey Associates Inc. now owns 683,567 shares of the financial services provider's stock valued at $27,124,000 after buying an additional 4,340 shares during the period. GLOBALT Investments LLC GA increased its holdings in shares of Bank of America by 3.4% during the 3rd quarter. GLOBALT Investments LLC GA now owns 238,096 shares of the financial services provider's stock worth $9,448,000 after acquiring an additional 7,751 shares during the last quarter. Quest Partners LLC bought a new stake in Bank of America in the 3rd quarter valued at $1,516,000. Aljian Capital Management LLC acquired a new stake in Bank of America during the 3rd quarter valued at $2,029,000. Finally, Claro Advisors LLC increased its holdings in shares of Bank of America by 43.9% in the third quarter. Claro Advisors LLC now owns 60,312 shares of the financial services provider's stock valued at $2,393,000 after purchasing an additional 18,400 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

NYSE BAC traded down $0.03 during trading hours on Monday, hitting $46.72. The company had a trading volume of 32,129,844 shares, compared to its average volume of 38,693,000. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.02. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $358.48 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 1.58 and a beta of 1.32. The firm has a 50 day simple moving average of $41.49 and a 200 day simple moving average of $40.37.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 EPS. Bank of America's revenue was up .4% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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 paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America's payout ratio is 37.82%.

Insiders Place Their Bets

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company's stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the sale, the insider now owns 910,731,659 shares in the company, valued at approximately $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on BAC shares. StockNews.com upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Royal Bank of Canada restated an "outperform" rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. Finally, Citigroup raised shares of Bank of America from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $44.26.

Bank of America Company 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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.