Brass Tax Wealth Management Inc. Has $242,000 Holdings in Bank of America Co. (NYSE:BAC)

Brass Tax Wealth Management Inc. lessened its position in shares of Bank of America Co. (NYSE:BAC) by 45.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 6,102 shares of the financial services provider’s stock after selling 4,993 shares during the quarter. Brass Tax Wealth Management Inc.’s holdings in Bank of America were worth $242,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $29,000. Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 55,223,897 shares of company stock valued at $2,232,505,985 in the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

Bank of America stock traded down $0.45 during midday trading on Friday, reaching $45.63. The stock had a trading volume of 7,559,762 shares, compared to its average volume of 38,115,520. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The firm’s 50-day moving average price is $44.27 and its 200 day moving average price is $41.43. The firm has a market capitalization of $350.11 billion, a PE ratio of 16.76, a P/E/G ratio of 1.56 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

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, beating 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the business posted $0.90 EPS. The firm’s quarterly revenue was up .4% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Wells Fargo & Company raised 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 report on Friday, November 15th. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $48.00 to $55.00 in a research report on Monday. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, Barclays lifted their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $45.92.

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.