Bank of America Co. (NYSE:BAC) Shares Sold by LongView Wealth Management

LongView Wealth Management trimmed its holdings in Bank of America Co. (NYSE:BAC) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,415 shares of the financial services provider’s stock after selling 329 shares during the period. LongView Wealth Management’s holdings in Bank of America were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. DRW Securities LLC boosted its stake in shares of Bank of America by 328.3% during the 4th quarter. DRW Securities LLC now owns 76,992 shares of the financial services provider’s stock worth $2,592,000 after purchasing an additional 59,016 shares during the last quarter. Childress Capital Advisors LLC boosted its stake in shares of Bank of America by 19.9% during the 4th quarter. Childress Capital Advisors LLC now owns 22,699 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 3,765 shares during the last quarter. Sanibel Captiva Trust Company Inc. acquired a new stake in shares of Bank of America during the 4th quarter worth about $9,236,000. Trail Ridge Investment Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $202,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $1,133,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the business’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 sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. 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 160,921,082 shares of company stock valued at $6,582,343,525 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BAC shares. Deutsche Bank Aktiengesellschaft upgraded 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 report on Tuesday, September 3rd. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Jefferies Financial Group increased their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Morgan Stanley cut their price objective on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Finally, StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Price Performance

Shares of Bank of America stock opened at $41.95 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company’s 50-day moving average price is $39.41 and its two-hundred day moving average price is $39.25. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a market cap of $325.51 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 36.62%.

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.