Cypress Capital Group Has $1.14 Million Stock Position in Bank of America Co. (NYSE:BAC)

Cypress Capital Group reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,773 shares of the financial services provider’s stock after selling 365 shares during the quarter. Cypress Capital Group’s holdings in Bank of America were worth $1,142,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. McAdam LLC raised its holdings in Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the last quarter. Integrity Financial Corp WA increased its holdings in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares in the last quarter. BTC Capital Management Inc. raised its position in Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after buying an additional 248 shares during the last quarter. Central Bank & Trust Co. lifted its stake in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the period. Finally, SNS Financial Group LLC grew its stake in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $46.55 on Friday. The stock has a 50 day moving average price of $42.07 and a 200 day moving average price of $40.59. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.05. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.57 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 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 12.48% and a return on equity of 10.09%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was 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. The trade was a 48.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96. Following the sale, the insider now directly owns 910,731,659 shares in the company, valued at approximately $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,094,698 shares of company stock valued at $3,876,350,805 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Barclays increased their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI raised their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Oppenheimer upped their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

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.