Biltmore Family Office LLC Sells 1,591 Shares of Bank of America Co. (NYSE:BAC)

Biltmore Family Office LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 3.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 38,823 shares of the financial services provider’s stock after selling 1,591 shares during the quarter. Biltmore Family Office LLC’s holdings in Bank of America were worth $1,541,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quent Capital LLC raised its stake in shares of Bank of America by 3.6% during the 1st 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 during the period. BOKF NA boosted its stake in Bank of America by 10.7% in the first quarter. BOKF NA now owns 368,205 shares of the financial services provider’s stock valued at $13,815,000 after acquiring an additional 35,547 shares during the last quarter. Beaird Harris Wealth Management LLC grew its position in shares of Bank of America by 439.7% during the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,657 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 1,350 shares during the period. Mount Yale Investment Advisors LLC purchased a new stake in shares of Bank of America during the 1st quarter worth approximately $237,000. Finally, QVR LLC bought a new stake in shares of Bank of America in the 1st quarter worth approximately $500,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Phillip Securities raised 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, Oppenheimer boosted 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Up 1.1 %

Shares of NYSE:BAC opened at $46.55 on Friday. The firm has a market capitalization of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32. 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 Co. has a 52-week low of $29.32 and a 52-week high of $47.05. The firm has a fifty day moving average of $42.07 and a 200 day moving average of $40.59.

Bank of America (NYSE:BAC) last posted 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. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. As a group, research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Activity

In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $39.95, for a total value of $282,888,946.25. Following the transaction, the insider now owns 896,719,301 shares in the company, valued at approximately $35,823,936,074.95. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,094,698 shares of company stock valued at $3,876,350,805. Corporate insiders own 0.29% of the company’s stock.

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.