Belmont Capital LLC Lowers Position in Bank of America Co. (NYSE:BAC)

Belmont Capital LLC decreased its position in Bank of America Co. (NYSE:BAC) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,434 shares of the financial services provider’s stock after selling 1,920 shares during the quarter. Bank of America makes up 0.6% of Belmont Capital LLC’s portfolio, making the stock its 18th biggest position. Belmont Capital LLC’s holdings in Bank of America were worth $3,827,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC grew its stake in shares of Bank of America by 839.0% in 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 last quarter. Kennebec Savings Bank bought a new position in shares of Bank of America during the third quarter valued at $29,000. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the 2nd quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc boosted its stake 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 worth $40,000 after purchasing an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were 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 of the company’s stock, 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 legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. 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 in the last three months. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on BAC shares. Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Trading Down 0.1 %

Shares of NYSE:BAC opened at $46.72 on Tuesday. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.02. The company has a market cap of $358.48 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The stock has a 50 day moving average of $41.64 and a 200 day moving average of $40.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue was up .4% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

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.