Indiana Trust & Investment Management Co Buys 500 Shares of Bank of America Co. (NYSE:BAC)

by · The Cerbat Gem

Indiana Trust & Investment Management Co increased its stake in shares of Bank of America Co. (NYSE:BAC) by 7.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 7,600 shares of the financial services provider’s stock after purchasing an additional 500 shares during the quarter. Indiana Trust & Investment Management Co’s holdings in Bank of America were worth $302,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares during the period. Legal & General Group Plc increased its stake in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the period. Capital World Investors lifted its position in shares of Bank of America by 0.4% during the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares during the last quarter. Pzena Investment Management LLC boosted its stake in shares of Bank of America by 4.7% during the first quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after purchasing an additional 954,885 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in shares of Bank of America by 23.6% in the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after purchasing an additional 3,109,197 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was 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 directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,824,063.60. 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 have sold 148,230,389 shares of company stock worth $6,023,064,684. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Up 1.5 %

Shares of BAC stock traded up $0.65 during trading hours on Wednesday, reaching $42.79. 18,791,354 shares of the company’s stock were exchanged, compared to its average volume of 38,823,734. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. 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 stock has a market cap of $334.63 billion, a PE ratio of 14.81, a PEG ratio of 1.39 and a beta of 1.33. The stock’s fifty day moving average price is $39.62 and its two-hundred day moving average price is $39.33.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. Research analysts predict that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.43%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Barclays increased their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.42.

View Our Latest Analysis on BAC

About Bank of America

(Free Report)

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.

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