Prudent Man Advisors LLC Sells 5,758 Shares of Bank of America Co. (NYSE:BAC)

Prudent Man Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 15.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,804 shares of the financial services provider’s stock after selling 5,758 shares during the period. Prudent Man Advisors LLC’s holdings in Bank of America were worth $1,262,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred 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 directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 102,848,970 shares of company stock valued at $4,145,103,288. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BAC shares. Oppenheimer boosted their target price on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.75 on Monday. The company has a market capitalization of $358.71 billion, a PE ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32. The business has a fifty day moving average price of $41.49 and a 200-day moving average price of $40.37. Bank of America Co. has a 1-year low of $29.22 and a 1-year high of $46.84. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results 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 net margin of 12.48% and a return on equity of 10.09%. 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 previous year, the company earned $0.90 earnings per share. The business’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America declared that its board has initiated a share repurchase 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors 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 2.22%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America Company 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.