Mutual of America Capital Management LLC Sells 26,683 Shares of Bank of America Co. (NYSE:BAC)

Mutual of America Capital Management LLC lowered its position in Bank of America Co. (NYSE:BAC) by 3.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 831,323 shares of the financial services provider’s stock after selling 26,683 shares during the period. Bank of America makes up about 0.3% of Mutual of America Capital Management LLC’s portfolio, making the stock its 29th largest position. Mutual of America Capital Management LLC’s holdings in Bank of America were worth $32,987,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Fairway Wealth LLC acquired a new stake in Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC raised its position in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Christopher J. Hasenberg Inc increased its stake in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. The trade was a 0.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,883,988 shares of company stock valued at $4,344,741,752. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Up 1.9 %

Shares of BAC opened at $46.75 on Friday. The firm has a market cap of $358.71 billion, a P/E ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32. Bank of America Co. has a 12 month low of $29.22 and a 12 month high of $46.84. The stock’s 50 day moving average is $41.49 and its two-hundred day moving average is $40.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The business 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 dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BAC shares. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Barclays increased their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, 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 report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

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.