Hobbs Group Advisors LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Hobbs Group Advisors LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,097 shares of the financial services provider’s stock after selling 3,273 shares during the quarter. Hobbs Group Advisors LLC’s holdings in Bank of America were worth $1,274,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC grew its holdings 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 valued at $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the third quarter valued at about $29,000. Christopher J. Hasenberg Inc grew its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Finally, TruNorth Capital Management LLC grew its holdings in shares of Bank of America by 740.7% in the second quarter. TruNorth Capital Management LLC now owns 1,135 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $45.77 on Wednesday. The firm has a market capitalization of $351.19 billion, a P/E ratio of 16.64, a P/E/G ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 52 week low of $30.45 and a 52 week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $43.87 and its two-hundred day moving average is $41.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. Research analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Upgrades and Downgrades

A number of brokerages recently 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 report on Tuesday, September 3rd. Wells Fargo & Company upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Evercore ISI upped their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Piper Sandler upped their target price on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The trade was a 1.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 55,223,897 shares of company stock valued at $2,232,505,985 over the last three months. 0.29% of the stock is currently owned by company insiders.

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.