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

Tyche Wealth Partners LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 8.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,227 shares of the financial services provider’s stock after selling 1,241 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Bank of America were worth $565,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in BAC. Vanguard Group Inc. grew its stake in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in Bank of America by 959.6% in the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares in the last quarter. Swedbank AB purchased a new stake in shares of Bank of America during the 1st quarter worth approximately $261,923,000. 1832 Asset Management L.P. raised its stake in Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Bank of America by 290.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after purchasing an additional 5,293,000 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.0 %

NYSE BAC traded down $0.01 during trading hours on Tuesday, reaching $42.61. 6,113,206 shares of the company traded hands, compared to its average volume of 38,414,820. The stock has a market capitalization of $330.64 billion, a PE ratio of 15.49, a PEG ratio of 1.42 and a beta of 1.33. The company has a 50 day moving average of $40.30 and a two-hundred day moving average of $39.66. 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 12 month low of $25.28 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business posted $0.90 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.26 earnings per share for the current 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 $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America announced that its board has authorized a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Morgan Stanley boosted their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI raised their price target on 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, BMO Capital Markets raised their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $40.63, for a total value of $284,146,717.60. Following the sale, the insider now directly owns 948,077,805 shares in the company, valued at approximately $38,520,401,217.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the completion of the transaction, the insider now owns 948,077,805 shares of the company’s stock, valued at $38,520,401,217.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’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 disclosure for this sale can be found here. Insiders sold 120,072,238 shares of company stock worth $4,833,067,143 in the last 90 days. 0.29% of the stock is currently owned by company insiders.

About Bank of America

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.