Alliance Wealth Advisors LLC Sells 1,267 Shares of Bank of America Co. (NYSE:BAC)

Alliance Wealth Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 8.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,427 shares of the financial services provider’s stock after selling 1,267 shares during the period. Alliance Wealth Advisors LLC’s holdings in Bank of America were worth $572,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in Bank of America in the second quarter worth approximately $27,000. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. 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 worth $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the first quarter valued at about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,230,389 shares of company stock valued at $6,023,064,684 in the last 90 days. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on BAC. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday. BMO Capital Markets increased their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued 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 target price of $42.62.

Bank of America Trading Up 1.6 %

Shares of Bank of America stock opened at $42.80 on Thursday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. 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 stock has a market cap of $334.71 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The firm has a fifty day moving average price of $39.72 and a 200 day moving average price of $39.35.

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

Bank of America declared that its Board of Directors has initiated 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 buy up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

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 given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.43%. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America Company 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.