Key Client Fiduciary Advisors LLC Has $1.51 Million Holdings in Bank of America Co. (NYSE:BAC)

Key Client Fiduciary Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,046 shares of the financial services provider’s stock after selling 959 shares during the period. Key Client Fiduciary Advisors LLC’s holdings in Bank of America were worth $1,510,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BAC. Vanguard Group Inc. raised its position in shares of Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB raised its holdings in Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after acquiring an additional 8,447,091 shares in the last quarter. Swedbank AB acquired a new stake in shares of Bank of America during the 1st quarter worth $261,923,000. 1832 Asset Management L.P. increased its position in shares of Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Bank of America by 290.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after purchasing an additional 5,293,000 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the transaction, the insider now directly owns 980,061,561 shares of the company’s stock, valued at approximately $41,544,809,570.79. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the transaction, the insider now owns 980,061,561 shares in the company, valued at approximately $41,544,809,570.79. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 144,633,120 shares of company stock valued at $5,862,871,640 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 0.7 %

NYSE:BAC traded down $0.28 on Friday, reaching $42.32. 30,593,526 shares of the stock traded hands, compared to its average volume of 38,864,773. The company’s 50 day moving average is $39.89 and its 200-day moving average is $39.41. 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 Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market capitalization of $330.96 billion, a price-to-earnings ratio of 14.65, 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, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the business posted $0.90 EPS. The business’s revenue was up .4% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

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 paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. 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 research note on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft upgraded 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. BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.69.

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.