EagleClaw Capital Managment LLC Cuts Position in Bank of America Co. (NYSE:BAC)

EagleClaw Capital Managment LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 52,102 shares of the financial services provider’s stock after selling 5,675 shares during the period. EagleClaw Capital Managment LLC’s holdings in Bank of America were worth $2,067,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Altman Advisors Inc. boosted its holdings in Bank of America by 0.8% in the third quarter. Altman Advisors Inc. now owns 48,818 shares of the financial services provider’s stock worth $1,937,000 after acquiring an additional 409 shares in the last quarter. Portfolio Design Labs LLC raised its position in shares of Bank of America by 11.5% in the 3rd quarter. Portfolio Design Labs LLC now owns 118,987 shares of the financial services provider’s stock worth $4,721,000 after purchasing an additional 12,307 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in Bank of America in the 3rd quarter worth about $479,000. First Horizon Advisors Inc. grew its position in Bank of America by 4.1% during the 3rd quarter. First Horizon Advisors Inc. now owns 50,444 shares of the financial services provider’s stock valued at $2,002,000 after purchasing an additional 1,968 shares during the last quarter. Finally, Hilton Capital Management LLC bought a new stake in Bank of America during the 3rd quarter valued at about $3,984,000. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares of the company’s stock, valued at $36,310,871,244.33. This represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated 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 sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock valued at $4,145,103,288 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Bank of America stock traded down $0.04 during trading on Wednesday, reaching $46.37. The company had a trading volume of 2,214,179 shares, compared to its average volume of 38,486,797. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.02. 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 firm has a market capitalization of $355.79 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The firm’s 50-day simple moving average is $41.78 and its 200 day simple moving average is $40.51.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm earned $0.90 EPS. The company’s revenue was up .4% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a share repurchase 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

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 issued 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 2.24%. Bank of America’s dividend payout ratio is presently 37.82%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BAC shares. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley increased their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

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.