Fulton Bank N.A. Sells 5,237 Shares of Bank of America Co. (NYSE:BAC)

Fulton Bank N.A. trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 3.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 148,975 shares of the financial services provider’s stock after selling 5,237 shares during the period. Fulton Bank N.A.’s holdings in Bank of America were worth $6,547,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new stake in Bank of America during the second quarter valued at $27,000. Kennebec Savings Bank purchased a new stake in Bank of America during the third quarter valued at approximately $29,000. Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 3rd quarter valued at $45,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Bank of America in the third quarter valued at $73,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded down $0.06 on Wednesday, hitting $46.02. The company had a trading volume of 21,235,384 shares, compared to its average volume of 28,019,402. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $353.11 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a 50-day moving average price of $45.30 and a 200-day moving average price of $42.09.

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, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. As a group, equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BAC. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Truist Financial assumed coverage on shares of Bank of America in a report on Tuesday. They issued a “buy” rating and a $52.00 price target on the stock. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday. Finally, Barclays raised their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.