Ledyard National Bank Acquires 1,769 Shares of Bank of America Co. (NYSE:BAC)

Ledyard National Bank increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 17.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,898 shares of the financial services provider’s stock after buying an additional 1,769 shares during the period. Ledyard National Bank’s holdings in Bank of America were worth $472,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Global Assets Advisory LLC acquired a new position in Bank of America during the first quarter valued at approximately $1,682,000. Annex Advisory Services LLC grew its holdings in Bank of America by 27.6% during the first quarter. Annex Advisory Services LLC now owns 11,528 shares of the financial services provider’s stock valued at $437,000 after purchasing an additional 2,490 shares during the period. Atlas Capital Advisors LLC grew its holdings in Bank of America by 39.5% during the first quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock valued at $161,000 after purchasing an additional 1,200 shares during the period. Sunbelt Securities Inc. grew its holdings in Bank of America by 6.0% during the first quarter. Sunbelt Securities Inc. now owns 31,791 shares of the financial services provider’s stock valued at $1,205,000 after purchasing an additional 1,805 shares during the period. Finally, RMR Wealth Builders grew its holdings in Bank of America by 40.5% during the first quarter. RMR Wealth Builders now owns 53,294 shares of the financial services provider’s stock valued at $2,031,000 after purchasing an additional 15,361 shares during the period. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated 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 sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 132,863,500 shares of company stock worth $5,363,830,468. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $42.29 on Wednesday. The stock has a market cap of $330.72 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a fifty day moving average price of $40.04 and a two-hundred day moving average price of $39.51. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.25 EPS for the current year.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI upped their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Jefferies Financial Group upped their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, BMO Capital Markets upped their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

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.