Cozad Asset Management Inc. Reduces Position in Bank of America Co. (NYSE:BAC)

Cozad Asset Management Inc. reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 3.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,734 shares of the financial services provider’s stock after selling 430 shares during the period. Cozad Asset Management Inc.’s holdings in Bank of America were worth $426,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. McAdam LLC grew its holdings in Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares in the last quarter. Integrity Financial Corp WA grew its holdings in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares during the period. BTC Capital Management Inc. increased its position in Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares during the last quarter. Central Bank & Trust Co. raised its stake in Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC boosted its holdings in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares in the company, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related 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 directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 1.4 %

BAC stock opened at $44.77 on Friday. Bank of America Co. has a fifty-two week low of $27.34 and a fifty-two week high of $45.55. The company’s 50 day moving average price is $40.72 and its 200 day moving average price is $39.96. 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 market capitalization of $343.51 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.40 and a beta of 1.32.

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, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. On average, equities research analysts anticipate that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America’s dividend payout ratio is currently 37.82%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays raised their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Phillip Securities upgraded 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. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $42.97.

About Bank of America

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.