Texas Capital Bank Wealth Management Services Inc Reduces Holdings in Bank of America Co. (NYSE:BAC)

Texas Capital Bank Wealth Management Services Inc reduced its position in Bank of America Co. (NYSE:BAC) by 2.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 34,561 shares of the financial services provider’s stock after selling 1,048 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in Bank of America were worth $1,371,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America during the second quarter worth approximately $27,000. POM Investment Strategies LLC boosted its stake 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 worth $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank purchased a new position in Bank of America during the 3rd quarter worth $29,000. Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc raised its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.4 %

BAC opened at $47.01 on Friday. The firm’s fifty day moving average price is $43.60 and its 200 day moving average price is $41.20. The stock has a market capitalization of $360.70 billion, a PE ratio of 17.09, a P/E/G ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 12-month low of $30.44 and a 12-month high of $48.08. 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 announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the transaction, the insider now directly owns 854,214,328 shares in the company, valued at $33,809,803,102.24. The trade was a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 56,945,263 shares of company stock valued at $2,300,620,438 over the last 90 days. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays raised their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods boosted 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. Oppenheimer raised their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $45.57.

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.