Pathstone Holdings LLC Has $38.77 Million Stake in Bank of America Co. (NYSE:BAC)

Pathstone Holdings LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 3.8% in the 3rd quarter, Holdings Channel reports. The firm owned 977,010 shares of the financial services provider’s stock after selling 38,472 shares during the period. Pathstone Holdings LLC’s holdings in Bank of America were worth $38,768,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. AMF Tjanstepension AB boosted its holdings in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the period. Swedbank AB bought a new stake in Bank of America during the 1st quarter valued at approximately $261,923,000. 1832 Asset Management L.P. grew its holdings in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after buying an additional 5,749,567 shares during the last quarter. International Assets Investment Management LLC increased its position in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Bank of America during the second quarter worth approximately $127,252,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.1 %

BAC stock opened at $46.72 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $358.48 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 1.58 and a beta of 1.32. The business has a fifty day moving average price of $41.64 and a 200 day moving average price 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.

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. 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 previous year, the business posted $0.90 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.27 EPS 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. Stockholders of record on Friday, December 6th will be paid 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 2.23%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on BAC. Oppenheimer boosted their target price 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. Phillip Securities raised 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 research report on Friday, October 18th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.26.

Insider Activity at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 completion of the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 48.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares in the company, valued at $36,310,871,244.33. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock valued at $4,145,103,288 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

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.