Bank of America Co. (NYSE:BAC) Shares Sold by Mill Creek Capital Advisors LLC

Mill Creek Capital Advisors LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 11.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,841 shares of the financial services provider’s stock after selling 1,042 shares during the period. Mill Creek Capital Advisors LLC’s holdings in Bank of America were worth $311,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BAC. Quent Capital LLC boosted its stake in Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares during the period. Capitolis Liquid Global Markets LLC acquired a new stake in Bank of America during the 1st quarter worth $17,064,000. Atlanta Consulting Group Advisors LLC acquired a new stake in Bank of America during the 1st quarter worth $731,000. Lake Street Advisors Group LLC boosted its stake in Bank of America by 34.7% during the 1st quarter. Lake Street Advisors Group LLC now owns 59,145 shares of the financial services provider’s stock worth $2,243,000 after purchasing an additional 15,241 shares during the period. Finally, Oxford Financial Group LTD. LLC boosted its stake in Bank of America by 17.6% during the 1st quarter. Oxford Financial Group LTD. LLC now owns 9,816 shares of the financial services provider’s stock worth $372,000 after purchasing an additional 1,470 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Oppenheimer increased their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $44.26.

Insider Buying and Selling

In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’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 owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 102,848,970 shares of company stock valued at $4,145,103,288. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $46.75 on Monday. Bank of America Co. has a 12-month low of $29.22 and a 12-month high of $46.84. The stock has a market capitalization of $358.71 billion, a P/E ratio of 17.00, a P/E/G ratio of 1.58 and a beta of 1.32. The firm’s 50-day moving average is $41.49 and its two-hundred day moving average is $40.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $25.25 billion. During the same period last year, the company earned $0.90 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America announced that its board has initiated a share repurchase plan 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.