Prestige Wealth Management Group LLC Sells 17,583 Shares of Bank of America Co. (NYSE:BAC)

Prestige Wealth Management Group LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 27.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,009 shares of the financial services provider’s stock after selling 17,583 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Bank of America were worth $1,865,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC raised its position in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its stake in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 231 shares in the last quarter. McAdam LLC raised its holdings in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the last quarter. Integrity Financial Corp WA lifted its stake in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares during the period. Finally, BTC Capital Management Inc. grew its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the completion of the sale, the insider now owns 854,214,328 shares of the company’s stock, valued at $33,809,803,102.24. This represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 55,223,897 shares of company stock valued at $2,232,505,985. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $48.00 to $55.00 in a research note on Monday. Deutsche Bank Aktiengesellschaft upgraded 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. Barclays raised their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Bank of America Stock Down 1.8 %

Shares of BAC opened at $45.93 on Tuesday. The firm has a market cap of $352.42 billion, a P/E ratio of 16.70, a PEG ratio of 1.58 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. The stock’s 50 day moving average is $43.87 and its two-hundred day moving average is $41.33. 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 (NYSE:BAC) last released its quarterly 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 firm 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 firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the company 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.