Berkshire Bank Has $2.44 Million Stake in Bank of America Co. (NYSE:BAC)

Berkshire Bank decreased its position in Bank of America Co. (NYSE:BAC) by 0.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 85,161 shares of the financial services provider’s stock after selling 438 shares during the quarter. Berkshire Bank’s holdings in Bank of America were worth $2,443,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Tanglewood Legacy Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $26,000. FNY Investment Advisers LLC grew its stake in shares of Bank of America by 75.9% in the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after buying an additional 397 shares in the last quarter. Castleview Partners LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $28,000. Grey Fox Wealth Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $35,000. Finally, Ahrens Investment Partners LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $31,000. Institutional investors own 68.06% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $28.76 on Tuesday. The business has a fifty day simple moving average of $29.98 and a 200 day simple moving average of $29.22. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $228.54 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 1.21 and a beta of 1.37. Bank of America Co. has a one year low of $26.32 and a one year high of $38.60.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. The business had revenue of $25.20 billion during the quarter, compared to analyst estimates of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. Bank of America’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.73 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.41 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, August 31st. Bank of America’s dividend payout ratio is presently 27.59%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Oppenheimer lowered their price target on Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. HSBC initiated coverage on Bank of America in a report on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price for the company. Wells Fargo & Company reduced their target price on Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, August 23rd. BMO Capital Markets reduced their target price on Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Finally, StockNews.com initiated coverage on Bank of America in a report on Thursday, August 17th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.98.

Insider Activity at Bank of America

In other Bank of America news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the transaction, the insider now owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total value of $2,449,332.88. Following the transaction, the insider now owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James P. Demare sold 75,000 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the completion of the transaction, the insider now directly owns 185,108 shares in the company, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by corporate insiders.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.