Constitution Capital LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 22.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,700 shares of the financial services provider’s stock after selling 1,900 shares during the quarter. Constitution Capital LLC’s holdings in Bank of America were worth $266,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Fairway Wealth LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $27,000. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC lifted its position in 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 valued at $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter valued at $30,000. Finally, Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the fourth quarter worth about $28,000. 70.71% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on BAC shares. Jefferies Financial Group raised their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Evercore ISI raised their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Finally, Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.27.
Bank of America Price Performance
NYSE BAC remained flat at $41.95 during mid-day trading on Monday. The company had a trading volume of 3,377,009 shares, compared to its average volume of 38,685,574. The stock has a 50-day moving average price of $39.41 and a 200 day moving average price of $39.27. The firm has a market cap of $328.06 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. 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 – Get Free Report) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is presently 35.99%.
Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Insider Buying and Selling at Bank of America
In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 160,921,082 shares of company stock valued at $6,582,343,525 over the last quarter. Corporate insiders own 0.29% of the company’s stock.
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.
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