Lmcg Investments LLC decreased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 27.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 203,385 shares of the financial services provider's stock after selling 78,652 shares during the period. Lmcg Investments LLC's holdings in Bank of America were worth $8,070,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth about $27,000. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider's stock valued at $26,000 after buying an additional 547 shares in the last quarter. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock valued at $29,000 after buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC grew its stake in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider's stock valued at $34,000 after buying an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the company. StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Barclays raised their target price on Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. Royal Bank of Canada reiterated an "outperform" rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Cfra reaffirmed a "sell" rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Evercore ISI increased their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $42.69.
Get Our Latest Analysis on BAC
Bank of America Price Performance
Shares of BAC stock traded down $0.06 during trading hours on Friday, hitting $41.76. 31,220,003 shares of the company's stock were exchanged, compared to its average volume of 32,362,604. Bank of America Co. has a 12-month low of $26.59 and a 12-month high of $44.44. The company has a market capitalization of $320.42 billion, a PE ratio of 15.19, a PEG ratio of 1.42 and a beta of 1.32. The business's 50 day simple moving average is $40.54 and its 200-day simple moving average is $39.82. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.
Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.25 billion. During the same quarter last year, the company earned $0.90 EPS. The firm's revenue was up .4% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.
Bank of America Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America's dividend payout ratio is presently 37.82%.
Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.
Insider Buying and Selling
In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business's 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 sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business's stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company's stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,078,718 shares of company stock worth $4,548,920,425 in the last ninety days. 0.29% of the stock is owned by insiders.
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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