Umpqua Bank Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

Umpqua Bank decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,065 shares of the financial services provider’s stock after selling 2,546 shares during the quarter. Bank of America comprises approximately 1.0% of Umpqua Bank’s portfolio, making the stock its 26th biggest holding. Umpqua Bank’s holdings in Bank of America were worth $2,860,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in BAC. Quent Capital LLC lifted its stake in Bank of America by 3.6% in the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Larson Financial Group LLC lifted its position in Bank of America by 541.8% during the 1st quarter. Larson Financial Group LLC now owns 10,449 shares of the financial services provider’s stock valued at $396,000 after acquiring an additional 8,821 shares during the period. Richardson Financial Services Inc. boosted its stake in Bank of America by 57.9% during the 1st quarter. Richardson Financial Services Inc. now owns 2,182 shares of the financial services provider’s stock valued at $83,000 after purchasing an additional 800 shares during the last quarter. DAVENPORT & Co LLC increased its holdings in shares of Bank of America by 4.9% in the 1st quarter. DAVENPORT & Co LLC now owns 390,384 shares of the financial services provider’s stock worth $14,803,000 after purchasing an additional 18,379 shares in the last quarter. Finally, Mitchell Capital Management Co. raised its stake in shares of Bank of America by 4.5% in the first quarter. Mitchell Capital Management Co. now owns 24,869 shares of the financial services provider’s stock worth $943,000 after purchasing an additional 1,082 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 8.5 %

Shares of Bank of America stock traded up $3.57 on Wednesday, reaching $45.45. The company had a trading volume of 19,834,658 shares, compared to its average volume of 38,195,176. The firm’s 50-day moving average price is $40.61 and its two-hundred day moving average price is $39.92. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $45.45. The firm has a market cap of $348.73 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 1.42 and a beta of 1.32. 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 released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm 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 business’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the business earned $0.90 EPS. As a group, research analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Morgan Stanley raised their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.97.

Bank of America Company 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.