Heritage Investors Management Corp Trims Stake in Bank of America Co. (NYSE:BAC)

Heritage Investors Management Corp trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 744,363 shares of the financial services provider’s stock after selling 9,317 shares during the quarter. Heritage Investors Management Corp’s holdings in Bank of America were worth $29,536,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. McAdam LLC grew its position in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the last quarter. Integrity Financial Corp WA grew its position in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares during the last quarter. BTC Capital Management Inc. grew its position in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the last quarter. Central Bank & Trust Co. grew its position in shares of Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares during the last quarter. Finally, SNS Financial Group LLC grew its position in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the transaction, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,067,817 shares of company stock valued at $4,548,518,070 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Up 1.0 %

Bank of America stock traded up $0.43 during midday trading on Tuesday, hitting $41.76. 581,888 shares of the stock were exchanged, compared to its average volume of 38,200,031. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $44.44. The firm has a market cap of $320.42 billion, a P/E ratio of 15.14, a P/E/G ratio of 1.42 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50 day moving average price of $40.56 and a two-hundred day moving average price of $39.89.

Bank of America (NYSE:BAC) last released its quarterly 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. 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 firm posted $0.90 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 2.49%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. 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 research report on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.69.

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.