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Hantz Financial Services Inc. Sells 19,343 Shares of Bank of America Co. (NYSE:BAC)

Bank of America logo with Finance background

Hantz Financial Services Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 6.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 273,687 shares of the financial services provider's stock after selling 19,343 shares during the period. Hantz Financial Services Inc.'s holdings in Bank of America were worth $10,860,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Fairway Wealth LLC purchased a new position in Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC grew its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock worth $29,000 after acquiring an additional 646 shares during the period. Kennebec Savings Bank purchased a new position in shares of Bank of America during the third quarter valued at approximately $29,000. Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock worth $40,000 after purchasing an additional 852 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE BAC traded down $0.25 on Friday, reaching $47.52. The company had a trading volume of 23,262,009 shares, compared to its average volume of 38,477,180. The firm's 50 day moving average price is $43.02 and its 200 day moving average price is $40.98. Bank of America Co. has a 12 month low of $30.04 and a 12 month high of $48.08. The stock has a market capitalization of $364.62 billion, a PE ratio of 17.28, a price-to-earnings-growth ratio of 1.62 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the company posted $0.90 EPS. The company's revenue was up .4% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. Bank of America's payout ratio is currently 37.82%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 70,007,916 shares of company stock worth $2,829,836,123 in the last three months. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BAC shares. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their target price on Bank of America from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price target on Bank of America from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Oppenheimer increased their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $44.26.

Read Our Latest Report on Bank of America

About Bank of America

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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