Apollon Wealth Management LLC Has $5.81 Million Holdings in Bank of America Co. (NYSE:BAC)

Apollon Wealth Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 2.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 146,302 shares of the financial services provider’s stock after selling 3,941 shares during the quarter. Apollon Wealth Management LLC’s holdings in Bank of America were worth $5,805,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth $29,000. Finally, Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the second quarter worth $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 transaction, the insider now directly owns 96,082 shares in the company, 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. In the last quarter, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by corporate insiders.

Bank of America Price Performance

BAC stock opened at $46.10 on Tuesday. The stock has a market capitalization of $353.72 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 1.53 and a beta of 1.32. The company’s 50-day moving average is $40.90 and its 200-day moving average is $40.07. 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 Co. has a 1 year low of $27.42 and a 1 year high of $46.52.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America’s payout ratio is 37.82%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Morgan Stanley increased their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Finally, Oppenheimer increased their price objective on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

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.