Charles Schwab Investment Management Inc. Sells 194,303 Shares of Bank of America Co. (NYSE:BAC)

Charles Schwab Investment Management Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.5% in the 3rd quarter, Holdings Channel reports. The firm owned 42,632,038 shares of the financial services provider’s stock after selling 194,303 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Bank of America were worth $1,691,639,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of BAC. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC lifted 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 valued at $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter valued at approximately $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc increased its holdings in shares of Bank of America by 525.9% during the third 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 in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $46.36 on Thursday. 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 company’s 50-day moving average is $41.92 and its 200-day moving average is $40.55. The stock has a market capitalization of $355.71 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.02.

Bank of America (NYSE:BAC) last announced its quarterly 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 return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. Keefe, Bruyette & Woods boosted their price objective 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. Barclays upped their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Finally, Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the sale, the insider now directly owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. 0.29% of the stock is owned by corporate insiders.

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.