Strategy Asset Managers LLC Sells 426 Shares of Bank of America Co. (NYSE:BAC)

Strategy Asset Managers LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 5.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,567 shares of the financial services provider’s stock after selling 426 shares during the quarter. Strategy Asset Managers LLC’s holdings in Bank of America were worth $300,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Legal & General Group Plc raised its position in Bank of America by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Bank of America by 23.6% in the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after acquiring an additional 3,109,197 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after acquiring an additional 569,385 shares during the period. Finally, National Pension Service grew its holdings in Bank of America by 15.2% during the 3rd quarter. National Pension Service now owns 13,502,778 shares of the financial services provider’s stock worth $535,790,000 after acquiring an additional 1,783,631 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $46.06 on Thursday. 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 Co. has a 12-month low of $29.32 and a 12-month high of $47.02. The firm has a 50 day moving average of $41.92 and a two-hundred day moving average of $40.55. The firm has a market capitalization of $353.41 billion, a PE ratio of 16.75, a P/E/G ratio of 1.58 and a beta of 1.32.

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, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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 was up .4% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its board has approved a stock buyback 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 repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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 issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $39.79, for a total value of $268,752,482.88. Following the completion of the transaction, the insider now owns 921,706,667 shares of the company’s stock, valued at approximately $36,674,708,279.93. The trade was a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Evercore ISI increased their price target 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. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus 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.