Glass Wealth Management Co LLC Has $4.22 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Glass Wealth Management Co LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 106,217 shares of the financial services provider’s stock after selling 1,332 shares during the quarter. Bank of America comprises 2.3% of Glass Wealth Management Co LLC’s holdings, making the stock its 13th biggest position. Glass Wealth Management Co LLC’s holdings in Bank of America were worth $4,215,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BAC. Summit Global Investments raised its stake in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Baker Avenue Asset Management LP raised its position in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Accent Capital Management LLC boosted its stake in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares during the period. Citizens Financial Group Inc. RI grew its position in Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares in the last quarter. Finally, SteelPeak Wealth LLC grew its position in Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after buying an additional 14,901 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BAC. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. Finally, Evercore ISI raised their target price 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. One 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 given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $44.26.

Insider Activity at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 48.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 921,706,667 shares of the company’s stock, valued at approximately $36,674,708,279.93. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 102,848,970 shares of company stock worth $4,145,103,288 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $46.75 on Monday. 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 $29.22 and a one year high of $46.84. The business’s 50 day simple moving average is $41.49 and its 200 day simple moving average is $40.37. The stock has a market capitalization of $358.71 billion, a PE ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

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 2.22%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board 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.