Plimoth Trust Co. LLC Reduces Holdings in Bank of America Co. (NYSE:BAC)

Plimoth Trust Co. LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,073 shares of the financial services provider’s stock after selling 1,369 shares during the period. Plimoth Trust Co. LLC’s holdings in Bank of America were worth $3,622,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. International Assets Investment Management LLC bought a new position in Bank of America in the fourth quarter valued at about $3,502,000. Tennessee Valley Asset Management Partners purchased a new position in Bank of America during the 4th quarter valued at approximately $63,000. Criterion Capital Advisors LLC purchased a new stake in Bank of America during the fourth quarter valued at $32,000. GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new stake in shares of Bank of America during the 4th quarter valued at about $515,000. Finally, Telemus Capital LLC lifted its stake in shares of Bank of America by 53.4% in the 4th quarter. Telemus Capital LLC now owns 18,748 shares of the financial services provider’s stock valued at $631,000 after purchasing an additional 6,523 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Oppenheimer raised their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Morgan Stanley raised their price target on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Royal Bank of Canada upped their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.07.

Insider Transactions at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,768,513 shares of company stock worth $2,807,216,504. 0.29% of the stock is currently owned by insiders.

Bank of America Trading Up 1.3 %

Shares of BAC stock traded up $0.51 on Thursday, hitting $39.26. 35,392,971 shares of the stock traded hands, compared to its average volume of 39,178,074. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The stock has a market capitalization of $307.03 billion, a PE ratio of 13.58, a PEG ratio of 1.41 and a beta of 1.35. The firm’s 50-day moving average price is $40.19 and its two-hundred day moving average price is $37.98. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.65%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.