BTC Capital Management Inc. Takes $583,000 Position in Bank of America Corp (NYSE:BAC)

BTC Capital Management Inc. bought a new stake in shares of Bank of America Corp (NYSE:BAC) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 20,000 shares of the financial services provider’s stock, valued at approximately $583,000.

Several other institutional investors have also modified their holdings of the company. Park Avenue Securities LLC boosted its position in shares of Bank of America by 10.7% during the 3rd quarter. Park Avenue Securities LLC now owns 75,844 shares of the financial services provider’s stock valued at $2,212,000 after acquiring an additional 7,316 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV boosted its position in Bank of America by 4.0% in the third quarter. Hudson Valley Investment Advisors Inc. ADV now owns 182,687 shares of the financial services provider’s stock valued at $5,329,000 after buying an additional 7,101 shares in the last quarter. First Citizens Bank & Trust Co. boosted its position in Bank of America by 10.5% in the third quarter. First Citizens Bank & Trust Co. now owns 344,948 shares of the financial services provider’s stock valued at $10,062,000 after buying an additional 32,735 shares in the last quarter. Regent Investment Management LLC boosted its position in Bank of America by 2.6% in the third quarter. Regent Investment Management LLC now owns 159,063 shares of the financial services provider’s stock valued at $4,640,000 after buying an additional 4,015 shares in the last quarter. Finally, Cohen Klingenstein LLC boosted its position in Bank of America by 2.7% in the third quarter. Cohen Klingenstein LLC now owns 305,665 shares of the financial services provider’s stock valued at $8,916,000 after buying an additional 8,001 shares in the last quarter. Institutional investors and hedge funds own 68.52% of the company’s stock.

In other news, insider Kathleen A. Knox sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the transaction, the insider now directly owns 43,744 shares in the company, valued at $1,322,381.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

A number of equities analysts have commented on the stock. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Raymond James lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, October 10th. Morgan Stanley reduced their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Finally, Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $32.32.

Shares of BAC stock opened at $30.35 on Friday. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.17. The firm’s 50 day moving average is $28.85 and its 200-day moving average is $28.81. The firm has a market capitalization of $281.67 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.19 and a beta of 1.60. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The company had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same period in the prior year, the business earned $0.66 earnings per share. Bank of America’s quarterly revenue was up .3% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.37%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s dividend payout ratio is presently 27.59%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Basic Economics

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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