Weaver Capital Management LLC Sells 7,254 Shares of Bank of America Co. (NYSE:BAC)

Weaver Capital Management LLC reduced its position in Bank of America Co. (NYSE:BAC) by 15.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,935 shares of the financial services provider’s stock after selling 7,254 shares during the quarter. Weaver Capital Management LLC’s holdings in Bank of America were worth $1,585,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Assets Advisory LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at $1,682,000. Annex Advisory Services LLC raised its holdings in Bank of America by 27.6% in the 1st quarter. Annex Advisory Services LLC now owns 11,528 shares of the financial services provider’s stock valued at $437,000 after buying an additional 2,490 shares during the last quarter. Atlas Capital Advisors LLC grew its holdings in Bank of America by 39.5% during the 1st quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock worth $161,000 after acquiring an additional 1,200 shares during the last quarter. Sunbelt Securities Inc. increased its position in Bank of America by 6.0% in the 1st quarter. Sunbelt Securities Inc. now owns 31,791 shares of the financial services provider’s stock valued at $1,205,000 after acquiring an additional 1,805 shares during the period. Finally, RMR Wealth Builders lifted its holdings in shares of Bank of America by 40.5% during the first quarter. RMR Wealth Builders now owns 53,294 shares of the financial services provider’s stock worth $2,031,000 after purchasing an additional 15,361 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $41.70, for a total value of $313,861,763.70. Following the completion of the sale, the insider now directly owns 966,911,316 shares in the company, valued at $40,320,201,877.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $41.70, for a total value of $313,861,763.70. Following the completion of the transaction, the insider now directly owns 966,911,316 shares in the company, valued at $40,320,201,877.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,863,500 shares of company stock valued at $5,363,830,468. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Up 1.3 %

BAC opened at $42.29 on Wednesday. The company has a market cap of $330.72 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The business’s 50-day moving average price is $40.04 and its 200-day moving average price is $39.51. 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 (NYSE:BAC) last released its quarterly earnings data 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 net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. On average, equities analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is 35.99%.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Jefferies Financial Group increased their price target on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. BMO Capital Markets boosted their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Finally, Barclays raised their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

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.