Bank of America Co. (NYSE:BAC) Stock Holdings Lowered by Hodges Capital Management Inc.

Hodges Capital Management Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 7.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 101,111 shares of the financial services provider’s stock after selling 8,472 shares during the quarter. Hodges Capital Management Inc.’s holdings in Bank of America were worth $4,012,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Accent Capital Management LLC raised its position in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments raised its holdings in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the period. Baker Avenue Asset Management LP lifted its stake in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Banco Santander S.A. boosted its holdings in shares of Bank of America by 173.7% in the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after buying an additional 370,275 shares during the period. Finally, Westfield Capital Management Co. LP increased its position in shares of Bank of America by 647.7% in the third quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock worth $72,363,000 after acquiring an additional 1,579,767 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 0.0 %

NYSE:BAC opened at $46.75 on Friday. 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 company’s 50 day moving average is $43.75 and its 200-day moving average is $41.27. The firm has a market cap of $358.71 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.57 and a beta of 1.33. Bank of America Co. has a 12 month low of $30.45 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared 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. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Wall Street Analyst Weigh In

A number of research firms recently commented on BAC. Deutsche Bank Aktiengesellschaft raised shares of 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. Barclays lifted their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.57.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. This represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders sold 56,945,263 shares of company stock valued at $2,300,620,438. 0.29% of the stock is owned by company 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.