Lyell Wealth Management LP Has $3.60 Million Holdings in Bank of America Co. (NYSE:BAC)

Lyell Wealth Management LP lessened its holdings in Bank of America Co. (NYSE:BAC) by 13.9% during the 3rd quarter, Holdings Channel reports. The firm owned 90,618 shares of the financial services provider’s stock after selling 14,606 shares during the period. Lyell Wealth Management LP’s holdings in Bank of America were worth $3,596,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BAC. Vanguard Group Inc. grew its holdings in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. Legal & General Group Plc grew its stake in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the period. Capital World Investors increased its holdings in Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Bank of America by 4.7% in the first quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after buying an additional 954,885 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in Bank of America by 23.6% during the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after buying an additional 3,109,197 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,336,839 shares of company stock valued at $5,049,968,704 in the last quarter. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. BMO Capital Markets increased their price target 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. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 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, Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Performance

BAC opened at $41.89 on Friday. The business’s 50-day simple moving average is $40.24 and its 200 day simple moving average is $39.58. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. 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 $325.05 billion, a PE ratio of 15.23, a PEG ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

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

Bank of America Dividend Announcement

The company also recently declared 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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.