Bank of America Co. (NYSE:BAC) Shares Sold by Wrapmanager Inc.

Wrapmanager Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.5% during the third quarter, HoldingsChannel.com reports. The firm owned 56,946 shares of the financial services provider’s stock after selling 304 shares during the period. Wrapmanager Inc.’s holdings in Bank of America were worth $2,260,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in BAC. Quent Capital LLC increased its position in shares of Bank of America by 3.6% during the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares in the last quarter. Lake Street Advisors Group LLC increased its position in shares of Bank of America by 34.7% in the 1st quarter. Lake Street Advisors Group LLC now owns 59,145 shares of the financial services provider’s stock valued at $2,243,000 after acquiring an additional 15,241 shares during the period. Castle Hook Partners LP increased its position in shares of Bank of America by 53.4% in the 1st quarter. Castle Hook Partners LP now owns 5,655,282 shares of the financial services provider’s stock valued at $214,448,000 after acquiring an additional 1,969,432 shares during the period. Ossiam increased its position in shares of Bank of America by 257.6% in the 1st quarter. Ossiam now owns 553,036 shares of the financial services provider’s stock valued at $20,971,000 after acquiring an additional 398,401 shares during the period. Finally, Crewe Advisors LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $388,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on BAC. Barclays upped their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods upped their price target 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. Oppenheimer lifted their price objective on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Trading Down 0.1 %

Shares of BAC stock opened at $46.72 on Tuesday. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.02. The firm has a market capitalization of $358.48 billion, a P/E ratio of 16.99, a PEG ratio of 1.58 and a beta of 1.32. The stock’s fifty day moving average is $41.64 and its two-hundred day moving average is $40.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the company earned $0.90 EPS. Research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its board has authorized a stock repurchase 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 repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $39.87, for a total value of $437,573,568.96. Following the completion of the transaction, the insider now directly owns 910,731,659 shares of the company’s stock, valued at $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated 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 transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,848,970 shares of company stock valued at $4,145,103,288. 0.29% of the stock is currently owned by insiders.

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.