Main Street Financial Solutions LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Main Street Financial Solutions LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 12.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,728 shares of the financial services provider’s stock after selling 4,305 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Bank of America were worth $1,180,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the period. Fairway Wealth LLC purchased a new position in Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC raised its holdings 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 purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter valued at $29,000. Finally, Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the second quarter valued at $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.0 %

Shares of BAC opened at $45.88 on Thursday. Bank of America Co. has a twelve month low of $28.47 and a twelve month high of $46.52. The firm has a market capitalization of $352.03 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock’s fifty day simple moving average is $41.11 and its 200 day simple moving average is $40.18.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

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

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

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Barclays increased their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, 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 report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $43.69.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value 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 approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock valued at $4,344,741,752 over the last 90 days. Corporate insiders own 0.29% of the company’s stock.

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.