Hourglass Capital LLC Has $1.85 Million Stock Position in Bank of America Co. (NYSE:BAC)

Hourglass Capital LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 0.9% in the third quarter, HoldingsChannel reports. The firm owned 46,597 shares of the financial services provider’s stock after selling 420 shares during the period. Hourglass Capital LLC’s holdings in Bank of America were worth $1,849,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quent Capital LLC lifted its stake in Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,037 shares in the last quarter. Kingsview Wealth Management LLC lifted its stake in Bank of America by 6.4% in the 1st quarter. Kingsview Wealth Management LLC now owns 90,957 shares of the financial services provider’s stock worth $3,449,000 after acquiring an additional 5,496 shares in the last quarter. Orion Portfolio Solutions LLC lifted its stake in Bank of America by 1.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 187,026 shares of the financial services provider’s stock worth $7,092,000 after acquiring an additional 1,998 shares in the last quarter. Leo Wealth LLC lifted its stake in Bank of America by 10.4% in the 1st quarter. Leo Wealth LLC now owns 11,887 shares of the financial services provider’s stock worth $449,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 107,883,988 shares of company stock worth $4,344,741,752. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Oppenheimer raised their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI raised their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.69.

Bank of America Stock Performance

Shares of NYSE BAC opened at $45.88 on Thursday. 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 business’s 50 day moving average is $41.11 and its two-hundred day moving average is $40.18. The company has a market cap of $352.03 billion, a P/E ratio of 16.68, a P/E/G ratio of 1.55 and a beta of 1.32. Bank of America Co. has a 12 month low of $28.47 and a 12 month high of $46.52.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 EPS. On average, equities analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio 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.