DRW Securities LLC Trims Holdings in Bank of America Co. (NYSE:BAC)

DRW Securities LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 31.1% during the 3rd quarter, Holdings Channel reports. The fund owned 136,562 shares of the financial services provider’s stock after selling 61,510 shares during the quarter. DRW Securities LLC’s holdings in Bank of America were worth $5,419,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Bedell Frazier Investment Counselling LLC boosted its stake in shares of Bank of America by 0.5% in the third quarter. Bedell Frazier Investment Counselling LLC now owns 120,319 shares of the financial services provider’s stock worth $4,774,000 after acquiring an additional 588 shares during the last quarter. Independent Advisor Alliance raised its position in Bank of America by 5.2% in the third quarter. Independent Advisor Alliance now owns 221,058 shares of the financial services provider’s stock valued at $8,772,000 after purchasing an additional 10,971 shares during the period. Harvest Fund Management Co. Ltd raised its position in Bank of America by 48.4% in the third quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 4,837 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Bank of America in the third quarter valued at $2,723,000. Finally, Davis R M Inc. grew its stake in shares of Bank of America by 7.0% in the third quarter. Davis R M Inc. now owns 502,726 shares of the financial services provider’s stock valued at $19,948,000 after buying an additional 32,999 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.2 %

BAC opened at $47.00 on Monday. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.22. The firm has a 50-day moving average price of $42.24 and a two-hundred day moving average price of $40.69. The stock has a market capitalization of $360.63 billion, a PE ratio of 17.09, a PEG ratio of 1.59 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. As a group, equities analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Activity at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,119,690 shares of company stock valued at $3,438,777,236. 0.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Barclays boosted their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. 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 research note on Tuesday, September 3rd. Evercore ISI upped their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Oppenheimer increased their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. One research 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

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.