Pinnacle Financial Partners Inc Sells 104,088 Shares of Bank of America Co. (NYSE:BAC)

Pinnacle Financial Partners Inc trimmed its stake in Bank of America Co. (NYSE:BAC) by 19.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 439,734 shares of the financial services provider’s stock after selling 104,088 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Bank of America were worth $17,449,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Summit Global Investments increased its position in shares of Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP grew its holdings in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the period. Councilmark Asset Management LLC bought a new stake in Bank of America in the 1st quarter worth $771,000. Finally, SteelPeak Wealth LLC lifted its stake in Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 14,901 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred 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 owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,067,817 shares of company stock worth $4,548,518,070 in the last 90 days. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $45.88 on Wednesday. The stock has a market capitalization of $352.03 billion, a P/E ratio of 16.68, a PEG ratio of 1.56 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $41.11 and its 200 day moving average is $40.18. Bank of America Co. has a 12 month low of $27.42 and a 12 month high of $46.52.

Bank of America (NYSE:BAC) last released its 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. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. BMO Capital Markets boosted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.69.

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.