Bank of America Corp (NYSE:BAC) Shares Sold by Boston Advisors LLC

Boston Advisors LLC decreased its position in shares of Bank of America Corp (NYSE:BAC) by 0.9% in the third quarter, HoldingsChannel reports. The firm owned 753,768 shares of the financial services provider’s stock after selling 6,824 shares during the quarter. Bank of America accounts for 1.1% of Boston Advisors LLC’s portfolio, making the stock its 10th biggest position. Boston Advisors LLC’s holdings in Bank of America were worth $21,987,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Bank of America by 41.7% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 55,924 shares of the financial services provider’s stock valued at $1,622,000 after acquiring an additional 16,465 shares during the period. First Bank & Trust lifted its holdings in Bank of America by 16.6% in the second quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 657 shares during the period. Coastal Capital Group Inc. lifted its holdings in Bank of America by 7.0% in the second quarter. Coastal Capital Group Inc. now owns 14,782 shares of the financial services provider’s stock valued at $429,000 after acquiring an additional 966 shares during the period. Geneva Partners LLC lifted its holdings in Bank of America by 51.7% in the second quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock valued at $3,464,000 after acquiring an additional 40,711 shares during the period. Finally, Girard Partners LTD. lifted its holdings in Bank of America by 70.7% in the second quarter. Girard Partners LTD. now owns 188,304 shares of the financial services provider’s stock valued at $5,460,000 after acquiring an additional 77,997 shares during the period. 70.75% of the stock is owned by hedge funds and other institutional investors.

Bank of America stock opened at $33.26 on Monday. The stock has a market capitalization of $299.18 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 1.27 and a beta of 1.62. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $33.60. The business has a 50 day simple moving average of $30.19 and a 200-day simple moving average of $29.06. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. The business had revenue of $22.96 billion during the quarter, compared to analysts’ expectations of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 earnings per share. On average, equities research analysts anticipate that Bank of America Corp will post 2.89 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Thursday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.

In related news, Director Frank P. Bramble sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now directly owns 50,000 shares in the company, valued at $1,566,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathleen A. Knox sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $30.23, for a total value of $1,209,200.00. Following the sale, the insider now owns 43,744 shares of the company’s stock, valued at $1,322,381.12. The disclosure for this sale can be found here. Insiders sold 51,870 shares of company stock valued at $1,476,104 over the last 90 days. Company insiders own 0.17% of the company’s stock.

A number of research analysts have issued reports on the company. Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 22nd. Raymond James downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Keefe, Bruyette & Woods downgraded Bank of America from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $36.00 to $29.00 in a report on Thursday, September 5th. UBS Group boosted their price target on Bank of America from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the company a “buy” rating in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $32.59.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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