Bank of America Co. (NYSE:BAC) Shares Sold by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 2.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 56,325 shares of the financial services provider’s stock after selling 1,684 shares during the period. SeaCrest Wealth Management LLC’s holdings in Bank of America were worth $2,235,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. American National Bank & Trust Co. VA acquired a new position in shares of Bank of America in the 1st quarter valued at about $1,322,000. Citizens Financial Group Inc. RI boosted its stake in Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the period. Foster Group Inc. boosted its stake in Bank of America by 19.4% during the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after purchasing an additional 1,457 shares during the period. Councilmark Asset Management LLC acquired a new position in Bank of America during the 1st quarter valued at about $771,000. Finally, SteelPeak Wealth LLC boosted its stake in Bank of America by 37.7% during the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 14,901 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction 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 the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $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 148,230,389 shares of company stock worth $6,023,064,684 over the last 90 days. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BAC shares. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays boosted their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Oppenheimer boosted their target price on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.47.

Bank of America Stock Up 0.1 %

NYSE BAC opened at $42.17 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company’s 50 day simple moving average is $39.62 and its 200 day simple moving average is $39.33. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a market capitalization of $329.79 billion, a P/E ratio of 14.57, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.47%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

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.