Mutual of America Capital Management LLC Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Mutual of America Capital Management LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the third quarter, Holdings Channel.com reports. The firm owned 831,323 shares of the financial services provider’s stock after selling 26,683 shares during the quarter. Bank of America makes up approximately 0.3% of Mutual of America Capital Management LLC’s portfolio, making the stock its 29th biggest position. Mutual of America Capital Management LLC’s holdings in Bank of America were worth $32,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Summit Global Investments lifted its holdings in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP lifted its stake in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares during the period. SteelPeak Wealth LLC increased its position in shares of Bank of America by 37.7% during the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Finally, Philip James Wealth Mangement LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $9,670,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This trade represents a 1.35 % decrease in their position. The sale 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 the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,883,988 shares of company stock valued at $4,344,741,752. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $46.75 on Friday. The company has a market cap of $358.71 billion, a P/E ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32. The firm has a fifty day moving average price of $41.49 and a 200 day moving average price of $40.35. 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 Co. has a 12 month low of $29.22 and a 12 month high of $46.84.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the firm posted $0.90 EPS. The business’s quarterly revenue was up .4% compared to the same quarter last year. Sell-side 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 declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 annualized dividend and a yield of 2.22%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.