FLC Capital Advisors Trims Position in Bank of America Co. (NYSE:BAC)

FLC Capital Advisors lowered its position in shares of Bank of America Co. (NYSE:BAC) by 5.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,912 shares of the financial services provider’s stock after selling 2,061 shares during the quarter. FLC Capital Advisors’ holdings in Bank of America were worth $1,504,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Vanguard Group Inc. lifted its position in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares during the period. AMF Tjanstepension AB increased its stake in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after acquiring an additional 8,447,091 shares during the last quarter. Swedbank AB purchased a new position in shares of Bank of America during the 1st quarter worth about $261,923,000. 1832 Asset Management L.P. lifted its holdings in shares of Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Bank of America by 290.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after acquiring an additional 5,293,000 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.6 %

BAC opened at $42.80 on Thursday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $334.71 billion, a PE ratio of 14.81, a P/E/G ratio of 1.39 and a beta of 1.33. The firm’s fifty day moving average price is $39.72 and its 200 day moving average price is $39.35.

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, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 EPS. As a group, research analysts expect that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s payout ratio is 35.99%.

Bank of America announced that its Board of Directors has authorized a stock buyback program 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 repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. 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 research report on Tuesday, September 3rd. Cfra reissued a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Oppenheimer raised their price objective on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.62.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction 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 directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’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 value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,230,389 shares of company stock worth $6,023,064,684. 0.29% of the stock is currently owned by corporate insiders.

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.