Clearview Wealth Advisors LLC Sells 6,595 Shares of Bank of America Co. (NYSE:BAC)

Clearview Wealth Advisors LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 32.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,572 shares of the financial services provider’s stock after selling 6,595 shares during the period. Clearview Wealth Advisors LLC’s holdings in Bank of America were worth $539,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. American National Bank & Trust Co. VA acquired a new stake in shares of Bank of America in the 1st quarter worth about $1,322,000. Citizens Financial Group Inc. RI boosted its position in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after buying an additional 20,916 shares during the last quarter. Foster Group Inc. grew its holdings in Bank of America by 19.4% during the first quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after buying an additional 1,457 shares in the last quarter. Councilmark Asset Management LLC purchased a new stake in Bank of America in the 1st quarter valued at $771,000. Finally, SteelPeak Wealth LLC lifted its stake in Bank of America by 37.7% during the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after acquiring an additional 14,901 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC opened at $42.14 on Wednesday. The company’s 50 day simple moving average is $39.62 and its two-hundred day simple moving average is $39.33. 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 Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The stock has a market capitalization of $329.55 billion, a PE ratio of 14.58, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 earnings per share. Analysts predict that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. Bank of America’s payout ratio is presently 35.99%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the sale, the insider now owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the transaction, the insider now directly owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 148,230,389 shares of company stock worth $6,023,064,684. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BAC. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Jefferies Financial Group lifted their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. BMO Capital Markets raised their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.37.

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.