Watch Point Trust Co Makes New $2.77 Million Investment in Bank of America Corp (NYSE:BAC)

Watch Point Trust Co acquired a new position in Bank of America Corp (NYSE:BAC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 94,971 shares of the financial services provider’s stock, valued at approximately $2,771,000.

Other large investors have also added to or reduced their stakes in the company. Garrett Wealth Advisory Group LLC purchased a new position in shares of Bank of America in the third quarter valued at $25,000. Larson Financial Group LLC increased its position in shares of Bank of America by 195.6% in the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after buying an additional 880 shares in the last quarter. Selective Wealth Management Inc. purchased a new position in shares of Bank of America in the third quarter valued at $43,000. Salomon & Ludwin LLC increased its position in shares of Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after buying an additional 814 shares in the last quarter. Finally, WealthStone Inc. purchased a new position in shares of Bank of America in the second quarter valued at $49,000. Hedge funds and other institutional investors own 70.75% of the company’s stock.

Bank of America stock traded up $0.03 during midday trading on Friday, reaching $33.26. 38,313,549 shares of the company were exchanged, compared to its average volume of 56,181,609. The company has a market capitalization of $299.18 billion, a price-to-earnings ratio of 12.74, a P/E/G ratio of 1.27 and a beta of 1.62. The firm’s 50-day simple moving average is $30.19 and its 200-day simple moving average is $29.06. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $33.60. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $22.96 billion during the quarter, compared to analysts’ expectations of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 EPS. On average, analysts forecast that Bank of America Corp will post 2.89 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, December 5th. Bank of America’s payout ratio is 27.59%.

In other Bank of America news, insider Kathleen A. Knox sold 40,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $30.23, for a total value of $1,209,200.00. Following the sale, the insider now directly owns 43,744 shares of the company’s stock, valued at approximately $1,322,381.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the sale, the director now directly owns 50,000 shares in the company, valued at $1,566,500. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,870 shares of company stock worth $1,476,104. 0.17% of the stock is owned by corporate insiders.

A number of research analysts have recently weighed in on BAC shares. Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Morgan Stanley dropped their price target on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday. JPMorgan Chase & Co. restated an “overweight” rating and issued a $33.00 price target (up previously from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Finally, Societe Generale cut Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $32.59.

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

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

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