Bank of America Co. (NYSE:BAC) Position Lessened by Marks Group Wealth Management Inc

Marks Group Wealth Management Inc lowered its position in Bank of America Co. (NYSE:BAC) by 14.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,892 shares of the financial services provider’s stock after selling 1,162 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Bank of America were worth $273,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BAC. Quent Capital LLC grew its position in Bank of America by 3.6% in the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,037 shares in the last quarter. Advisory Alpha LLC lifted its stake in shares of Bank of America by 6.0% in the 1st quarter. Advisory Alpha LLC now owns 24,461 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 1,379 shares during the last quarter. Tweedy Browne Co LLC boosted its holdings in Bank of America by 0.6% in the first quarter. Tweedy Browne Co LLC now owns 521,151 shares of the financial services provider’s stock worth $19,762,000 after purchasing an additional 3,125 shares in the last quarter. Concord Investment Counsel Inc. acquired a new position in Bank of America during the first quarter worth $6,075,000. Finally, CFO4Life Group LLC raised its holdings in Bank of America by 18.7% during the first quarter. CFO4Life Group LLC now owns 14,066 shares of the financial services provider’s stock valued at $533,000 after buying an additional 2,215 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,067,817 shares of company stock valued at $4,548,518,070 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $45.39 on Thursday. Bank of America Co. has a 52 week low of $27.34 and a 52 week high of $45.55. The stock has a market cap of $348.27 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.40 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a 50-day simple moving average of $40.72 and a 200 day simple moving average of $39.96.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company earned $0.90 EPS. On average, research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Ratings Changes

BAC has been the topic of a number of analyst reports. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Oppenheimer lifted their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.97.

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.