Bank of America Co. (NYSE:BAC) Shares Sold by Capital Square LLC

Capital Square LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,861 shares of the financial services provider’s stock after selling 372 shares during the quarter. Capital Square LLC’s holdings in Bank of America were worth $867,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Quent Capital LLC raised its holdings in Bank of America by 3.6% during the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in shares of Bank of America in the 1st quarter worth about $237,000. Industrial Alliance Investment Management Inc. grew its stake in Bank of America by 3.0% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 19,150 shares of the financial services provider’s stock valued at $726,000 after acquiring an additional 560 shares during the last quarter. Icon Wealth Advisors LLC increased its holdings in Bank of America by 13.1% during the 1st quarter. Icon Wealth Advisors LLC now owns 161,626 shares of the financial services provider’s stock valued at $6,129,000 after acquiring an additional 18,777 shares in the last quarter. Finally, Sweeney & Michel LLC acquired a new position in Bank of America during the first quarter worth about $1,368,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.6 %

Shares of NYSE BAC traded up $0.29 on Monday, hitting $47.29. The company had a trading volume of 4,876,805 shares, compared to its average volume of 38,472,242. The firm has a market capitalization of $362.85 billion, a P/E ratio of 17.09, a PEG ratio of 1.59 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.49. The business has a 50 day moving average of $42.24 and a two-hundred day moving average of $40.69.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The company’s revenue was up .4% compared to the same quarter last year. As a group, equities research 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 business also recently declared 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Analysts Set New Price Targets

Several analysts have recently commented on BAC shares. Oppenheimer increased their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. 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. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Insider Buying and Selling

In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $39.95, for a total transaction of $282,888,946.25. Following the sale, the insider now owns 896,719,301 shares in the company, valued at approximately $35,823,936,074.95. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 85,119,690 shares of company stock worth $3,438,777,236. 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.