Bank of America Co. (NYSE:BAC) Shares Sold by Future Financial Wealth Managment LLC

Future Financial Wealth Managment LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 24.3% during the fourth quarter, HoldingsChannel reports. The fund owned 2,536 shares of the financial services provider’s stock after selling 813 shares during the period. Future Financial Wealth Managment LLC’s holdings in Bank of America were worth $111,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Accent Capital Management LLC grew its stake in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the last quarter. Summit Global Investments increased its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. acquired a new stake in Bank of America during the 3rd quarter worth approximately $550,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.12 during midday trading on Monday, reaching $44.99. 17,288,976 shares of the company traded hands, compared to its average volume of 31,240,334. The stock has a 50-day moving average price of $45.53 and a 200 day moving average price of $42.22. The company has a market cap of $345.20 billion, a price-to-earnings ratio of 16.36, a PEG ratio of 1.55 and a beta of 1.33. 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 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s payout ratio is presently 37.82%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Evercore ISI lifted their price objective 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. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $48.00 to $55.00 in a research report on Monday, December 9th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Insider Activity

In other Bank of America news, 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 completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.

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.