UMB Bank n.a. Has $33.83 Million Holdings in Bank of America Co. (NYSE:BAC)

UMB Bank n.a. lowered its position in Bank of America Co. (NYSE:BAC) by 2.5% in the third quarter, HoldingsChannel.com reports. The fund owned 852,671 shares of the financial services provider’s stock after selling 21,989 shares during the quarter. UMB Bank n.a.’s holdings in Bank of America were worth $33,834,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Morton Capital Management LLC CA raised its position in shares of Bank of America by 23.5% during the third quarter. Morton Capital Management LLC CA now owns 12,397 shares of the financial services provider’s stock worth $492,000 after acquiring an additional 2,360 shares during the last quarter. BSN CAPITAL PARTNERS Ltd acquired a new position in Bank of America during the 3rd quarter valued at about $8,058,000. USA Financial Formulas lifted its position in Bank of America by 29.9% during the 3rd quarter. USA Financial Formulas now owns 41,090 shares of the financial services provider’s stock valued at $1,630,000 after purchasing an additional 9,450 shares during the period. Hexagon Capital Partners LLC raised its stake in shares of Bank of America by 6.3% during the third quarter. Hexagon Capital Partners LLC now owns 59,056 shares of the financial services provider’s stock worth $2,343,000 after buying an additional 3,503 shares during the last quarter. Finally, Abner Herrman & Brock LLC lifted its stake in shares of Bank of America by 4.5% in the 3rd quarter. Abner Herrman & Brock LLC now owns 396,662 shares of the financial services provider’s stock valued at $15,740,000 after purchasing an additional 16,909 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BAC shares. Barclays increased their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Oppenheimer raised their target price on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets boosted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Finally, Morgan Stanley dropped their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Stock Performance

NYSE BAC traded down $0.32 on Thursday, hitting $39.87. 6,422,344 shares of the stock were exchanged, compared to its average volume of 38,703,809. The business’s fifty day moving average is $39.31 and its 200 day moving average is $39.21. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a market capitalization of $311.80 billion, a PE ratio of 13.85, a P/E/G ratio of 1.37 and a beta of 1.33. 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 (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the firm earned $0.88 EPS. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.26 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,918,857 shares of company stock valued at $6,421,694,213. 0.29% of the stock is owned by insiders.

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.