Affinity Investment Advisors LLC Sells 1,069 Shares of Bank of America Co. (NYSE:BAC)

Affinity Investment Advisors LLC lowered its position in Bank of America Co. (NYSE:BAC) by 1.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 82,095 shares of the financial services provider’s stock after selling 1,069 shares during the period. Bank of America comprises approximately 2.2% of Affinity Investment Advisors LLC’s investment portfolio, making the stock its 6th biggest position. Affinity Investment Advisors LLC’s holdings in Bank of America were worth $3,258,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of BAC. Gladstone Institutional Advisory LLC raised its holdings in shares of Bank of America by 68.4% during the third quarter. Gladstone Institutional Advisory LLC now owns 81,775 shares of the financial services provider’s stock valued at $3,245,000 after acquiring an additional 33,205 shares during the last quarter. W Advisors LLC lifted its holdings in shares of Bank of America by 4.3% in the 3rd quarter. W Advisors LLC now owns 6,766 shares of the financial services provider’s stock worth $268,000 after acquiring an additional 279 shares during the last quarter. Creative Financial Designs Inc. ADV raised its position in Bank of America by 7.6% in the third quarter. Creative Financial Designs Inc. ADV now owns 164,361 shares of the financial services provider’s stock valued at $6,522,000 after purchasing an additional 11,612 shares during the period. Lincluden Management Ltd. lifted its stake in Bank of America by 0.9% during the third quarter. Lincluden Management Ltd. now owns 154,707 shares of the financial services provider’s stock worth $6,139,000 after purchasing an additional 1,363 shares in the last quarter. Finally, Reston Wealth Management LLC purchased a new position in shares of Bank of America during the third quarter worth $99,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Evercore ISI raised their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report 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, October 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Price Performance

Shares of BAC opened at $41.76 on Friday. The firm has a fifty day moving average price of $40.54 and a 200 day moving average price of $39.78. The stock has a market cap of $320.42 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. Bank of America Co. has a 1-year low of $26.59 and a 1-year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.26 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. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.49%. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock worth $4,548,920,425 in the last 90 days. 0.29% of the stock is owned by insiders.

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.