Bank of America Co. (NYSE:BAC) Stock Holdings Cut by Meeder Advisory Services Inc.

Meeder Advisory Services Inc. reduced its position in shares of Bank of America Co. (NYSE:BAC) by 5.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 116,189 shares of the financial services provider’s stock after selling 6,868 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Bank of America were worth $4,610,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC bought a new position in Bank of America during the 2nd quarter valued at $27,000. POM Investment Strategies LLC lifted 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 valued at $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc lifted its position in shares of Bank of America by 525.9% during 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 during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on BAC shares. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $44.26.

Insider Activity

In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $39.79, for a total transaction of $268,752,482.88. Following the transaction, the insider now owns 921,706,667 shares in the company, valued at approximately $36,674,708,279.93. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,848,970 shares of company stock valued at $4,145,103,288. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $46.82 on Monday. The stock has a market capitalization of $359.24 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The firm’s fifty day simple moving average is $41.49 and its two-hundred day simple moving average is $40.37. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $46.84.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.