Patton Albertson Miller Group LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Patton Albertson Miller Group LLC lowered its position in Bank of America Co. (NYSE:BAC) by 2.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 149,429 shares of the financial services provider’s stock after selling 3,901 shares during the period. Patton Albertson Miller Group LLC’s holdings in Bank of America were worth $5,929,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Fairway Wealth LLC purchased a new position in Bank of America in the 2nd quarter valued at $27,000. POM Investment Strategies LLC raised its holdings 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 worth $29,000 after acquiring an additional 646 shares during the period. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at about $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the second quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Barclays boosted their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Trading Up 1.1 %

NYSE:BAC opened at $47.50 on Tuesday. The firm has a market cap of $364.46 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.59 and a beta of 1.32. The stock has a fifty day moving average price of $42.41 and a 200 day moving average price of $40.76. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.74. 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) last released its earnings results 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. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is presently 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 dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction 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 $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders sold 85,027,690 shares of company stock worth $3,435,115,636. Company insiders own 0.29% of the company’s stock.

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.