Kovack Advisors Inc. Sells 2,775 Shares of Bank of America Co. (NYSE:BAC)

Kovack Advisors Inc. lessened its position in Bank of America Co. (NYSE:BAC) by 9.3% in the third quarter, HoldingsChannel.com reports. The fund owned 27,029 shares of the financial services provider’s stock after selling 2,775 shares during the period. Kovack Advisors Inc.’s holdings in Bank of America were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of BAC. Quent Capital LLC increased its holdings in shares of Bank of America by 3.6% in the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings 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 valued at $3,449,000 after acquiring an additional 5,496 shares during the period. Orion Portfolio Solutions LLC lifted its position in Bank of America by 1.1% during the first 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 during the last quarter. Leo Wealth LLC boosted its holdings in shares of Bank of America by 10.4% during the first 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 during the period. Finally, Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88. Following the transaction, the insider now directly owns 921,706,667 shares of the company’s stock, valued at $36,674,708,279.93. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88. Following the completion of the sale, the insider now directly owns 921,706,667 shares in the company, valued at approximately $36,674,708,279.93. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’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 completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,883,988 shares of company stock worth $4,344,741,752. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $45.88 on Thursday. The firm 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. The stock’s 50 day moving average is $41.11 and its 200 day moving average is $40.18. 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 Co. has a one year low of $28.47 and a one year 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.27%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BAC shares. Oppenheimer boosted their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI raised their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have issued 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

About Bank of America

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.