Boit C F David Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Boit C F David decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the third quarter, Holdings Channel reports. The institutional investor owned 117,198 shares of the financial services provider’s stock after selling 1,200 shares during the quarter. Bank of America accounts for about 2.3% of Boit C F David’s holdings, making the stock its 16th biggest position. Boit C F David’s holdings in Bank of America were worth $4,598,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BAC. Barometer Capital Management Inc. purchased a new position in Bank of America in the 4th quarter worth approximately $2,175,000. Brevan Howard Capital Management LP purchased a new position in shares of Bank of America in the fourth quarter worth $3,601,000. American National Bank & Trust Co. VA bought a new position in shares of Bank of America during the first quarter valued at $1,322,000. Citizens Financial Group Inc. RI boosted its position in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after buying an additional 20,916 shares during the last quarter. Finally, Foster Group Inc. increased its holdings in Bank of America by 19.4% in the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after buying an additional 1,457 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $40.05, for a total value of $163,250,568.45. Following the transaction, the insider now owns 784,549,933 shares of the company’s stock, valued at approximately $31,421,224,816.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.05, for a total value of $163,250,568.45. Following the completion of the sale, the insider now directly owns 784,549,933 shares in the company, valued at approximately $31,421,224,816.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,918,857 shares of company stock worth $6,421,694,213 in the last three months. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Evercore ISI raised their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. BMO Capital Markets lifted their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Oppenheimer increased their price target on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Performance

Shares of NYSE BAC opened at $39.96 on Tuesday. The stock has a market cap of $312.50 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The firm has a fifty day moving average price of $39.36 and a 200-day moving average price of $39.16. 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 issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the business posted $0.88 EPS. Bank of America’s revenue for the quarter was up .7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.60%. Bank of America’s payout ratio is currently 35.99%.

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.