Burke & Herbert Bank & Trust Co. Acquires 368 Shares of Bank of America Co. (NYSE:BAC)

Burke & Herbert Bank & Trust Co. grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 46,466 shares of the financial services provider’s stock after acquiring an additional 368 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Bank of America were worth $1,844,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BAC. Cullinan Associates Inc. lifted its position in shares of Bank of America by 20.4% during the 3rd quarter. Cullinan Associates Inc. now owns 67,325 shares of the financial services provider’s stock valued at $2,813,000 after acquiring an additional 11,400 shares during the period. Ballentine Partners LLC increased its stake in Bank of America by 3.2% in the third quarter. Ballentine Partners LLC now owns 142,909 shares of the financial services provider’s stock valued at $5,671,000 after purchasing an additional 4,390 shares in the last quarter. Garrison Point Advisors LLC raised its holdings in shares of Bank of America by 4.5% during the third quarter. Garrison Point Advisors LLC now owns 17,479 shares of the financial services provider’s stock valued at $694,000 after purchasing an additional 751 shares during the period. Silver Oak Securities Incorporated boosted its position in shares of Bank of America by 40.7% during the 3rd quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 3,164 shares in the last quarter. Finally, Moody Lynn & Lieberson LLC increased its position in Bank of America by 21.5% in the 3rd quarter. Moody Lynn & Lieberson LLC now owns 27,277 shares of the financial services provider’s stock valued at $1,082,000 after buying an additional 4,828 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC traded down $0.08 on Friday, hitting $42.57. 2,140,336 shares of the company’s stock traded hands, compared to its average volume of 38,519,270. The company’s 50 day simple moving average is $40.11 and its 200-day simple moving average is $39.53. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The firm has a market cap of $330.33 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, research analysts anticipate that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.44%. Bank of America’s dividend payout ratio is currently 37.82%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Cfra reaffirmed a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI boosted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Insiders Place Their Bets

In other 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 transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, 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 have sold 125,336,839 shares of company stock valued at $5,049,968,704 over the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America 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.