Highland Capital Management LLC Has $11.69 Million Holdings in Bank of America Co. (NYSE:BAC)

Highland Capital Management LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 294,511 shares of the financial services provider’s stock after selling 14,533 shares during the quarter. Highland Capital Management LLC’s holdings in Bank of America were worth $11,686,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Delos Wealth Advisors LLC grew its holdings 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 worth $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC increased its holdings in Bank of America by 839.0% in 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 during the period. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC boosted its position in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $41.89 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company’s fifty day simple moving average is $40.24 and its 200 day simple moving average is $39.58. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm has a market cap of $325.05 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the business earned $0.90 EPS. The firm’s revenue was up .4% compared to the same quarter last year. On average, analysts expect that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America announced that its board has approved a stock 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The shares were 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 directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at $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 125,336,839 shares of company stock worth $5,049,968,704 in the last quarter. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on BAC. Barclays upped 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. Jefferies Financial Group boosted their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. BMO Capital Markets raised their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target 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.