NFJ Investment Group LLC Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

NFJ Investment Group LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 12.8% in the third quarter, Holdings Channel.com reports. The firm owned 2,041,303 shares of the financial services provider’s stock after selling 299,900 shares during the period. Bank of America makes up approximately 2.4% of NFJ Investment Group LLC’s investment portfolio, making the stock its 4th biggest position. NFJ Investment Group LLC’s holdings in Bank of America were worth $80,999,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC grew its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank purchased a new position in shares of Bank of America in the third quarter worth $29,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% in 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. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock traded down $0.03 on Tuesday, reaching $47.01. The company’s stock had a trading volume of 8,224,389 shares, compared to its average volume of 38,328,012. The stock’s fifty day simple moving average is $43.02 and its 200-day simple moving average is $41.02. Bank of America Co. has a 1 year low of $30.33 and a 1 year high of $48.08. The company has a market capitalization of $360.70 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33. 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 data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $25.25 billion. During the same period last year, the company posted $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. Analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal 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 dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BAC shares. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. 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 note on Friday, October 18th. Morgan Stanley lifted their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Piper Sandler upped their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.57.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. The trade was a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 61,976,277 shares of company stock worth $2,503,269,682 in the last three months. Corporate 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.