Armstrong Advisory Group Inc. Sells 2,808 Shares of Bank of America Co. (NYSE:BAC)

Armstrong Advisory Group Inc. lessened its position in shares of Bank of America Co. (NYSE:BAC) by 9.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,705 shares of the financial services provider’s stock after selling 2,808 shares during the quarter. Armstrong Advisory Group Inc.’s holdings in Bank of America were worth $1,099,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC bought a new position in shares of Bank of America in the second quarter worth about $27,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the 4th quarter valued at about $28,000. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% in the second 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. Finally, Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares of the company’s stock, valued at approximately $31,173,306,471.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50. Following the sale, the insider now owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,921,082 shares of company stock valued at $6,582,343,525. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on BAC shares. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Oppenheimer increased their price objective on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Evercore ISI raised their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley decreased their price target on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Price Performance

NYSE BAC opened at $41.95 on Monday. The firm’s fifty day simple moving average is $39.41 and its two-hundred day simple moving average is $39.27. The firm has a market capitalization of $328.06 billion, a P/E ratio of 14.52, a P/E/G ratio of 1.39 and a beta of 1.33. 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 Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 earnings per share. Analysts forecast that Bank of America Co. will post 3.25 EPS for the current fiscal year.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Bank of America 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.