Check Capital Management Inc. CA Lowers Position in Bank of America Co. (NYSE:BAC)

Check Capital Management Inc. CA lessened its stake in Bank of America Co. (NYSE:BAC) by 2.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 99,081 shares of the financial services provider’s stock after selling 2,796 shares during the quarter. Bank of America makes up approximately 0.1% of Check Capital Management Inc. CA’s portfolio, making the stock its 15th biggest position. Check Capital Management Inc. CA’s holdings in Bank of America were worth $3,932,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC boosted its stake 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 buying an additional 646 shares during the last quarter. Kennebec Savings Bank purchased a new stake in Bank of America in the third quarter worth about $29,000. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at about $30,000. Finally, Clearstead Trust LLC increased its holdings in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This represents a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 107,883,988 shares of company stock worth $4,344,741,752. 0.29% of the stock is owned by corporate insiders.

Bank of America Trading Up 0.1 %

BAC opened at $45.90 on Friday. 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 $352.19 billion, a P/E ratio of 16.69, a PEG ratio of 1.55 and a beta of 1.32. The stock’s fifty day moving average is $41.22 and its two-hundred day moving average is $40.22. Bank of America Co. has a 52 week low of $29.20 and a 52 week high of $46.52.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 net margin of 12.48% and a return on equity of 10.09%. The company 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 posted $0.90 earnings per share. Bank of America’s revenue was up .4% compared to the same quarter last year. Analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its board has approved a stock repurchase program 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 programs are typically an indication that the company’s leadership believes its stock is 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 paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.27%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Evercore ISI lifted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of America from $48.00 to $50.00 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 given a hold rating, fourteen have issued a buy rating and one has given 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 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.