Bank of America Co. (NYSE:BAC) Shares Sold by Pathstone Holdings LLC

Pathstone Holdings LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 977,010 shares of the financial services provider’s stock after selling 38,472 shares during the period. Pathstone Holdings LLC’s holdings in Bank of America were worth $38,768,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Aviance Capital Partners LLC raised its stake in Bank of America by 1.5% during the 3rd quarter. Aviance Capital Partners LLC now owns 35,276 shares of the financial services provider’s stock valued at $1,400,000 after acquiring an additional 508 shares in the last quarter. OneAscent Wealth Management LLC increased its holdings in shares of Bank of America by 13.0% during the third quarter. OneAscent Wealth Management LLC now owns 19,461 shares of the financial services provider’s stock valued at $772,000 after purchasing an additional 2,246 shares during the period. Nixon Peabody Trust Co. raised its stake in shares of Bank of America by 0.5% during the third quarter. Nixon Peabody Trust Co. now owns 300,497 shares of the financial services provider’s stock valued at $11,924,000 after purchasing an additional 1,387 shares in the last quarter. Semus Wealth Partners LLC lifted its holdings in Bank of America by 4.0% in the third quarter. Semus Wealth Partners LLC now owns 11,280 shares of the financial services provider’s stock worth $448,000 after purchasing an additional 429 shares during the period. Finally, Wharton Business Group LLC grew its position in Bank of America by 18.7% in the 3rd quarter. Wharton Business Group LLC now owns 419,857 shares of the financial services provider’s stock valued at $16,660,000 after buying an additional 66,131 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.72 on Tuesday. The stock has a market cap of $358.48 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.02. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $41.64 and a 200-day simple moving average of $40.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid 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 2.23%. Bank of America’s dividend payout ratio is presently 37.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock worth $4,145,103,288 in the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on BAC. Barclays boosted their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Morgan Stanley upped their target price 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. Keefe, Bruyette & Woods increased their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Evercore ISI boosted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target 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.