Bank of America Co. (NYSE:BAC) Shares Sold by Concord Wealth Partners

Concord Wealth Partners trimmed its position in Bank of America Co. (NYSE:BAC) by 1.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,324 shares of the financial services provider’s stock after selling 317 shares during the quarter. Concord Wealth Partners’ holdings in Bank of America were worth $1,124,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. American National Bank & Trust Co. VA acquired a new position in shares of Bank of America during the 1st quarter worth about $1,322,000. Citizens Financial Group Inc. RI boosted its holdings in Bank of America by 27.1% in 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 purchasing an additional 20,916 shares in the last quarter. Councilmark Asset Management LLC purchased a new position in Bank of America in the first quarter valued at approximately $771,000. SteelPeak Wealth LLC raised its holdings in Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares in the last quarter. Finally, Brookstone Capital Management lifted its position in shares of Bank of America by 11.5% during the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock worth $8,628,000 after buying an additional 20,309 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 120,072,238 shares of company stock valued at $4,833,067,143. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Oppenheimer boosted their target price on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Jefferies Financial Group raised their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. 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, Morgan Stanley increased their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.53 on Monday, reaching $42.42. 6,578,655 shares of the company were exchanged, compared to its average volume of 38,487,469. 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 1-year low of $25.28 and a 1-year high of $44.44. The company has a 50-day moving average of $40.24 and a 200-day moving average of $39.62. The firm has a market cap of $331.74 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results 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. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share repurchase program 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.45%. Bank of America’s payout ratio is 35.99%.

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.