Townsquare Capital LLC Trims Holdings in Bank of America Co. (NYSE:BAC)

Townsquare Capital LLC lessened its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 6.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 415,835 shares of the financial services provider's stock after selling 30,215 shares during the period. Townsquare Capital LLC's holdings in Bank of America were worth $16,500,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Longfellow Investment Management Co. LLC boosted its holdings in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider's stock worth $1,484,000 after purchasing an additional 227 shares in the last quarter. McAdam LLC grew its holdings in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider's stock valued at $455,000 after purchasing an additional 238 shares during the last quarter. Integrity Financial Corp WA raised its position in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider's stock worth $590,000 after purchasing an additional 240 shares during the period. BTC Capital Management Inc. grew its stake in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider's stock valued at $805,000 after buying an additional 248 shares during the last quarter. Finally, Central Bank & Trust Co. boosted its holdings in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider's stock valued at $75,000 after acquiring an additional 248 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Royal Bank of Canada restated an "outperform" rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Morgan Stanley lifted their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Finally, Phillip Securities raised shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price target for the company in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have given 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, the company has an average rating of "Moderate Buy" and an average target price of $44.26.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $40.61, for a total value of $322,390,566.39. Following the completion of the sale, the insider now directly owns 882,723,903 shares of the company's stock, valued at $35,847,417,700.83. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders have sold 77,946,615 shares of company stock worth $3,152,226,690. Insiders own 0.29% of the company's stock.

Bank of America Trading Up 0.1 %

NYSE BAC traded up $0.04 during trading on Wednesday, reaching $47.79. 11,522,440 shares of the stock traded hands, compared to its average volume of 38,489,727. 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 Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.98. The stock's 50-day moving average price is $42.57 and its 200 day moving average price is $40.82. The firm has a market cap of $366.69 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.25 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The business's quarterly revenue was up .4% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.18%. 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 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.