Bank of America Co. (NYSE:BAC) Position Cut by TRUE Private Wealth Advisors

TRUE Private Wealth Advisors lowered its position in shares of Bank of America Co. (NYSE:BAC) by 22.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 11,973 shares of the financial services provider’s stock after selling 3,435 shares during the period. TRUE Private Wealth Advisors’ holdings in Bank of America were worth $475,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. AMF Tjanstepension AB grew its position 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 worth $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. 1832 Asset Management L.P. boosted its position in shares of Bank of America by 1,432.1% during 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 buying an additional 5,749,567 shares during the period. International Assets Investment Management LLC grew its holdings in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares in the last quarter. D1 Capital Partners L.P. acquired a new stake in Bank of America in the 3rd quarter valued at approximately $174,858,000. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Bank of America during the 2nd quarter valued at $127,252,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $40.66, for a total transaction of $326,566,441.74. Following the transaction, the insider now directly owns 874,692,264 shares of the company’s stock, valued at approximately $35,564,987,454.24. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 70,007,916 shares of company stock worth $2,829,836,123. 0.29% of the stock is owned by corporate insiders.

Bank of America Price Performance

BAC stock opened at $47.52 on Friday. Bank of America Co. has a one year low of $30.04 and a one year high of $48.08. The firm has a 50-day moving average of $43.02 and a two-hundred day moving average of $40.98. The firm has a market capitalization of $364.62 billion, a PE ratio of 17.28, a P/E/G ratio of 1.62 and a beta of 1.32. 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 issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

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 given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. Oppenheimer increased their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

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.