Heartwood Wealth Advisors LLC Sells 2,743 Shares of Bank of America Co. (NYSE:BAC)

Heartwood Wealth Advisors LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 27.4% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 7,282 shares of the financial services provider’s stock after selling 2,743 shares during the period. Heartwood Wealth Advisors LLC’s holdings in Bank of America were worth $289,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Legal & General Group Plc grew its stake in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after acquiring an additional 895,884 shares during the period. Capital World Investors lifted its holdings in shares of Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares in the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Bank of America by 17.1% in the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after purchasing an additional 5,488,790 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $31,421,224,816.65. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the transaction, the insider now directly owns 784,549,933 shares in the company, valued at approximately $31,421,224,816.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on BAC. BMO Capital Markets increased their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Barclays boosted their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Oppenheimer upped their price target on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada lifted their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Trading Down 0.4 %

Bank of America stock opened at $39.96 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50-day simple moving average of $39.36 and a 200 day simple moving average of $39.16. The stock has a market capitalization of $312.50 billion, a P/E ratio of 13.83, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share 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 for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the previous year, the firm earned $0.88 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.26 dividend. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.60%. Bank of America’s dividend payout ratio is presently 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.