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

Hourglass Capital LLC reduced its position in Bank of America Co. (NYSE:BAC) by 0.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,597 shares of the financial services provider’s stock after selling 420 shares during the period. Hourglass Capital LLC’s holdings in Bank of America were worth $1,849,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new position in Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC lifted its position in Bank of America by 839.0% during the 2nd 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 in the last quarter. Kennebec Savings Bank acquired a new position in Bank of America during the 3rd quarter worth approximately $29,000. Finally, Bbjs Financial Advisors LLC acquired a new position in Bank of America during the 2nd quarter worth approximately $30,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. 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, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 107,883,988 shares of company stock valued at $4,344,741,752. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Barclays boosted their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI upped their target price 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, Keefe, Bruyette & Woods increased their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.88 on Thursday. Bank of America Co. has a 1-year low of $28.47 and a 1-year high of $46.52. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s fifty day moving average price is $41.11 and its two-hundred day moving average price is $40.18. The firm has a market capitalization of $352.03 billion, a PE ratio of 16.68, a P/E/G ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its earnings results 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

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

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.