Orion Capital Management LLC Sells 2,080 Shares of Bank of America Co. (NYSE:BAC)

Orion Capital Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 7.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,349 shares of the financial services provider’s stock after selling 2,080 shares during the quarter. Orion Capital Management LLC’s holdings in Bank of America were worth $966,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $27,000. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the 3rd quarter worth about $29,000. Christopher J. Hasenberg Inc lifted its position 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 valued at $40,000 after acquiring an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America in the 3rd quarter valued at about $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.8 %

NYSE:BAC opened at $45.93 on Tuesday. Bank of America Co. has a 12 month low of $30.45 and a 12 month high of $48.08. The stock has a market capitalization of $352.42 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $43.87 and its 200 day moving average is $41.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business earned $0.90 EPS. Bank of America’s revenue was up .4% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared 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. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Analyst Ratings Changes

Several equities analysts recently weighed in on BAC shares. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $48.00 to $55.00 in a research report on Monday. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Piper Sandler raised their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $45.92.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 55,223,897 shares of company stock worth $2,232,505,985 in the last three months. Corporate insiders own 0.29% of the company’s stock.

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.