Iron Gate Global Advisors LLC Sells 683 Shares of Bank of America Co. (NYSE:BAC)

Iron Gate Global Advisors LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 11.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,442 shares of the financial services provider’s stock after selling 683 shares during the quarter. Iron Gate Global Advisors LLC’s holdings in Bank of America were worth $216,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BAC. Janus Henderson Group PLC increased its holdings in shares of Bank of America by 0.8% during the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider’s stock worth $43,268,000 after buying an additional 9,137 shares during the last quarter. Harmony Asset Management LLC boosted its position in Bank of America by 160.1% during the third quarter. Harmony Asset Management LLC now owns 45,769 shares of the financial services provider’s stock worth $1,816,000 after acquiring an additional 28,175 shares during the last quarter. Hilltop Holdings Inc. raised its stake in shares of Bank of America by 41.8% in the 3rd quarter. Hilltop Holdings Inc. now owns 49,813 shares of the financial services provider’s stock valued at $1,977,000 after acquiring an additional 14,674 shares during the period. Cinctive Capital Management LP acquired a new position in Bank of America during the 3rd quarter worth $13,579,000. Finally, Coastwise Capital Group LLC lifted its position in Bank of America by 4.1% in the 3rd quarter. Coastwise Capital Group LLC now owns 41,046 shares of the financial services provider’s stock valued at $1,629,000 after purchasing an additional 1,619 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI boosted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer boosted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.57.

Bank of America Stock Down 1.0 %

Bank of America stock opened at $47.02 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a 50 day moving average price of $43.02 and a 200 day moving average price of $41.02. Bank of America Co. has a fifty-two week low of $30.33 and a fifty-two week high of $48.08. The company has a market capitalization of $360.78 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92. Following the completion of the sale, the insider now directly owns 863,977,599 shares in the company, valued at $34,801,017,687.72. This represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 61,976,277 shares of company stock valued at $2,503,269,682 in the last ninety days. Corporate 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.