Pathstone Holdings LLC Sells 38,472 Shares of Bank of America Co. (NYSE:BAC)

Pathstone Holdings LLC cut its position in Bank of America Co. (NYSE:BAC - Free Report) by 3.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 977,010 shares of the financial services provider's stock after selling 38,472 shares during the quarter. Pathstone Holdings LLC's holdings in Bank of America were worth $38,768,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter worth $27,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter worth $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc raised its position in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after buying an additional 852 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Barclays lifted their target price on Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Finally, Oppenheimer increased their target price on Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $44.26.

Bank of America Trading Down 0.7 %

Shares of NYSE BAC traded down $0.31 during mid-day trading on Tuesday, hitting $46.41. The company's stock had a trading volume of 28,517,124 shares, compared to its average volume of 38,648,605. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $356.10 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The company's fifty day simple moving average is $41.78 and its 200-day simple moving average is $40.51. Bank of America Co. has a one year low of $29.32 and a one year high of $47.02.

Bank of America (NYSE:BAC - Get Free Report) last posted 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 company had revenue of $25.30 billion during 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 company's revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Friday, December 6th. Bank of America's dividend payout ratio is currently 37.82%.

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

Insider Activity

In related news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction 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. This represents a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the firm's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the transaction, the insider now directly owns 910,731,659 shares of the company's stock, valued at $36,310,871,244.33. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 102,848,970 shares of company stock worth $4,145,103,288 in the last 90 days. Corporate insiders own 0.29% of the company's stock.

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.