Arthur M. Cohen & Associates LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

Arthur M. Cohen & Associates LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 11.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 9,363 shares of the financial services provider’s stock after selling 1,193 shares during the quarter. Arthur M. Cohen & Associates LLC’s holdings in Bank of America were worth $372,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Delos Wealth Advisors LLC grew its holdings in shares of 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 valued at $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% in the 2nd 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 in the last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the second quarter valued at $30,000. Finally, Clearstead Trust LLC boosted its position in shares of Bank of America by 1,489.3% during 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.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’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 sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the transaction, the insider now owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, 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. Over the last 90 days, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BAC shares. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 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 reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. 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 given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Trading Up 0.7 %

Shares of BAC stock opened at $41.63 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a fifty day simple moving average of $40.56 and a two-hundred day simple moving average of $39.89. The firm has a market capitalization of $319.42 billion, a PE ratio of 15.03, a PEG ratio of 1.42 and a beta of 1.32. Bank of America Co. has a 52-week low of $27.34 and a 52-week high of $44.44.

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

Bank of America announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits 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 board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 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.