Park National Corp OH Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Park National Corp OH cut its stake in shares of Bank of America Co. (NYSE:BAC) by 10.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 80,197 shares of the financial services provider’s stock after selling 9,680 shares during the period. Park National Corp OH’s holdings in Bank of America were worth $3,525,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Fairway Wealth LLC purchased a new stake in Bank of America during the second quarter valued at about $27,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter worth $29,000. Christopher J. Hasenberg Inc raised 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 acquiring an additional 852 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at $45,000. Finally, Truvestments Capital LLC purchased a new stake in Bank of America during the 3rd quarter worth $73,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Oppenheimer reduced their price target on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday. Finally, Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

Bank of America stock opened at $46.10 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a fifty day moving average price of $45.30 and a two-hundred day moving average price of $42.09. The company has a market cap of $353.72 billion, a PE ratio of 16.76, a P/E/G ratio of 1.55 and a beta of 1.33.

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, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 EPS. Research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued 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 dividend payout ratio (DPR) is presently 37.82%.

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.