Lodestar Private Asset Management LLC Has $305,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Lodestar Private Asset Management LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 19.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,675 shares of the financial services provider’s stock after selling 1,831 shares during the quarter. Lodestar Private Asset Management LLC’s holdings in Bank of America were worth $305,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter valued at about $27,000. POM Investment Strategies LLC increased its position in 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 buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new stake in Bank of America in the second quarter valued at approximately $30,000. Finally, Clearstead Trust LLC lifted its position 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 valued at $34,000 after buying an additional 834 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Oppenheimer increased their price objective on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Activity at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the sale, the insider now directly owns 812,041,811 shares in the company, valued at $31,888,881,917.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock valued at $4,548,920,425 in the last quarter. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $42.53 on Wednesday. The firm has a 50 day moving average of $40.37 and a 200-day moving average of $39.71. 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. The stock has a market capitalization of $330.01 billion, a PE ratio of 15.47, a PEG ratio of 1.42 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the company earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts predict that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Announces Dividend

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 given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

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

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.