Bank of America Co. (NYSE:BAC) Shares Sold by MAI Capital Management

MAI Capital Management lessened its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 4.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 888,756 shares of the financial services provider's stock after selling 42,731 shares during the period. MAI Capital Management's holdings in Bank of America were worth $35,266,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Aljian Capital Management LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at $2,029,000. Claro Advisors LLC boosted its holdings in shares of Bank of America by 43.9% in the 3rd quarter. Claro Advisors LLC now owns 60,312 shares of the financial services provider's stock valued at $2,393,000 after acquiring an additional 18,400 shares during the last quarter. Concord Asset Management LLC VA boosted its holdings in shares of Bank of America by 1.9% in the 3rd quarter. Concord Asset Management LLC VA now owns 15,868 shares of the financial services provider's stock valued at $630,000 after acquiring an additional 294 shares during the last quarter. Accent Capital Management LLC boosted its holdings in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider's stock valued at $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Finally, Adero Partners LLC lifted its stake in shares of Bank of America by 15.9% in the 3rd quarter. Adero Partners LLC now owns 6,992 shares of the financial services provider's stock valued at $277,000 after purchasing an additional 961 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC traded down $0.03 during mid-day trading on Monday, reaching $46.72. 32,265,066 shares of the company's stock were exchanged, compared to its average volume of 38,693,961. 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 capitalization of $358.48 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The business's fifty day simple moving average is $41.64 and its 200-day simple moving average is $40.44. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.02.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for 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%. Bank of America's quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America's payout ratio is 37.82%.

Bank of America announced that its board has initiated a stock buyback plan 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 shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Oppenheimer increased their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, November 5th. Phillip Securities raised shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective for the company in a report on Friday, October 18th. StockNews.com raised shares of Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average price target of $44.26.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares in the company, valued at $31,888,881,917.97. This represents a 0.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company's stock in a transaction that occurred 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 transaction, the insider now owns 96,082 shares of the company's stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 102,848,970 shares of company stock valued at $4,145,103,288. 0.29% of the stock is owned by insiders.

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.