Bank of America Co. (NYSE:BAC) Shares Sold by Neumann Capital Management LLC

Neumann Capital Management LLC cut its stake in Bank of America Co. (NYSE:BAC) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 106,653 shares of the financial services provider’s stock after selling 4,500 shares during the period. Bank of America makes up 1.4% of Neumann Capital Management LLC’s investment portfolio, making the stock its 16th largest position. Neumann Capital Management LLC’s holdings in Bank of America were worth $4,232,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new position in Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC increased its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at approximately $30,000. Finally, Clearstead Trust LLC increased its stake in shares of Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on BAC shares. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, September 3rd. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.69.

Bank of America Stock Performance

BAC opened at $45.91 on Friday. Bank of America Co. has a twelve month low of $29.20 and a twelve month high of $46.52. The stock has a market cap of $352.26 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32. The business’s 50 day moving average is $41.22 and its 200-day moving average is $40.22. 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 announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

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

Bank of America declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the sale, the insider now owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. The trade was a 0.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock worth $4,344,741,752 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

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.