Bank of America Co. (NYSE:BAC) Shares Sold by Steele Capital Management Inc.

Steele Capital Management Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% during the third quarter, Holdings Channel reports. The firm owned 21,272 shares of the financial services provider’s stock after selling 250 shares during the quarter. Steele Capital Management Inc.’s holdings in Bank of America were worth $844,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fairway Wealth LLC acquired a new position in Bank of America in the 2nd quarter valued at $27,000. POM Investment Strategies LLC increased its stake in shares of 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 acquiring an additional 646 shares during the period. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth about $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Evercore ISI raised their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Price Performance

BAC stock opened at $46.06 on Thursday. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.02. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $353.41 billion, a PE ratio of 16.75, a P/E/G ratio of 1.57 and a beta of 1.32. The stock’s 50 day moving average is $41.92 and its two-hundred day moving average is $40.55.

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. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. Analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America announced that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Bernard A. Mensah sold 92,000 shares of the business’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 transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96. Following the transaction, the insider now directly owns 910,731,659 shares in the company, valued at $36,310,871,244.33. This trade represents a 1.19 % 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. 0.29% of the stock is owned by company insiders.

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.