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

Princeton Capital Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 2.2% in the third quarter, Holdings Channel reports. The institutional investor owned 34,937 shares of the financial services provider’s stock after selling 790 shares during the quarter. Princeton Capital Management LLC’s holdings in Bank of America were worth $1,386,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America in the second quarter valued at $27,000. POM Investment Strategies LLC boosted its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc increased its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88. Following the completion of the sale, the insider now owns 921,706,667 shares of the company’s stock, valued at $36,674,708,279.93. The trade was a 0.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. 0.29% of the stock is owned by company insiders.

Bank of America Stock Down 0.1 %

NYSE:BAC opened at $46.72 on Tuesday. The firm has a 50-day simple moving average of $41.64 and a two-hundred day simple moving average of $40.44. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.02. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $358.48 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.58 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its 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. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a share buyback program 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 programs are generally an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America 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.