BBR Partners LLC Lowers Stake in Bank of America Co. (NYSE:BAC)

BBR Partners LLC decreased its position in Bank of America Co. (NYSE:BAC) by 5.6% during the third quarter, Holdings Channel reports. The firm owned 8,039 shares of the financial services provider’s stock after selling 476 shares during the quarter. BBR Partners LLC’s holdings in Bank of America were worth $319,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new position in Bank of America during the 2nd quarter valued at about $27,000. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% during the 2nd 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 during the period. Kennebec Savings Bank acquired a new stake in Bank of America during the 3rd quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the 2nd quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $40.66, for a total value of $326,566,441.74. Following the transaction, the insider now directly owns 874,692,264 shares in the company, valued at $35,564,987,454.24. The trade was a 0.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 77,946,615 shares of company stock valued at $3,152,226,690. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on BAC shares. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, September 3rd. Oppenheimer increased their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Up 0.0 %

BAC stock opened at $47.76 on Thursday. The firm’s 50-day moving average is $42.73 and its two-hundred day moving average is $40.87. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $366.46 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.98.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. On average, 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 firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.