Bank of America Co. (NYSE:BAC) Shares Sold by TRUE Private Wealth Advisors

TRUE Private Wealth Advisors lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 22.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,973 shares of the financial services provider’s stock after selling 3,435 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Bank of America were worth $475,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. AMF Tjanstepension AB raised its stake in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the period. 1832 Asset Management L.P. increased its holdings in shares of Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the period. D1 Capital Partners L.P. acquired a new position in Bank of America in the third quarter valued at $174,858,000. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Bank of America during the second quarter valued at about $127,252,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.5 %

BAC opened at $47.52 on Friday. Bank of America Co. has a 12-month low of $30.04 and a 12-month high of $48.08. 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 capitalization of $364.62 billion, a PE ratio of 17.28, a P/E/G ratio of 1.62 and a beta of 1.32. The firm’s fifty day moving average price is $43.02 and its 200 day moving average price is $40.98.

Bank of America (NYSE:BAC) last issued its 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 EPS. As a group, research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the completion of the sale, the insider now owns 863,977,599 shares of the company’s stock, valued at $34,801,017,687.72. This represents a 0.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 70,007,916 shares of company stock valued at $2,829,836,123. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. 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. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

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.