Verus Financial Partners Inc. Has $429,000 Holdings in Bank of America Co. (NYSE:BAC)

Verus Financial Partners Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 2.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,940 shares of the financial services provider’s stock after selling 250 shares during the period. Verus Financial Partners Inc.’s holdings in Bank of America were worth $429,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Beta Wealth Group Inc. raised its position in shares of Bank of America by 44.3% in the 3rd quarter. Beta Wealth Group Inc. now owns 10,115 shares of the financial services provider’s stock valued at $401,000 after buying an additional 3,105 shares in the last quarter. Executive Wealth Management LLC bought a new position in Bank of America in the third quarter valued at approximately $399,000. CWA Asset Management Group LLC acquired a new position in Bank of America during the third quarter valued at approximately $4,503,000. AEGON ASSET MANAGEMENT UK Plc bought a new stake in Bank of America during the third quarter worth $15,468,000. Finally, Beckerman Institutional LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at $303,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated 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 completion of the sale, 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 at this link. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the transaction, the insider now directly owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BAC shares. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a research report on Friday. Finally, Oppenheimer raised their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

Bank of America Stock Up 0.8 %

Shares of NYSE:BAC opened at $45.15 on Friday. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $45.55. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50-day moving average is $40.90 and its 200-day moving average is $40.04. The company has a market capitalization of $346.43 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 1.54 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.30%. Bank of America’s dividend payout ratio is currently 37.82%.

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.