Bank of America Co. (NYSE:BAC) Shares Sold by Burns J W & Co. Inc. NY

Burns J W & Co. Inc. NY reduced its position in shares of Bank of America Co. (NYSE:BAC) by 3.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,150 shares of the financial services provider’s stock after selling 518 shares during the period. Burns J W & Co. Inc. NY’s holdings in Bank of America were worth $578,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Elevated Capital Advisors LLC lifted its position in shares of Bank of America by 29.7% during the fourth quarter. Elevated Capital Advisors LLC now owns 10,152 shares of the financial services provider’s stock worth $446,000 after purchasing an additional 2,325 shares in the last quarter. Bar Harbor Wealth Management lifted its holdings in Bank of America by 3.8% during the 4th quarter. Bar Harbor Wealth Management now owns 118,309 shares of the financial services provider’s stock worth $5,200,000 after buying an additional 4,311 shares in the last quarter. Eastern Bank boosted its position in Bank of America by 11.8% in the 4th quarter. Eastern Bank now owns 1,135,559 shares of the financial services provider’s stock valued at $49,908,000 after buying an additional 119,402 shares during the period. Enterprise Bank & Trust Co grew its stake in shares of Bank of America by 3.4% in the fourth quarter. Enterprise Bank & Trust Co now owns 16,107 shares of the financial services provider’s stock worth $708,000 after acquiring an additional 534 shares in the last quarter. Finally, Harbour Capital Advisors LLC increased its position in shares of Bank of America by 1.0% during the fourth quarter. Harbour Capital Advisors LLC now owns 75,417 shares of the financial services provider’s stock worth $3,379,000 after acquiring an additional 715 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BAC. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $48.00 to $55.00 in a research report on Monday, December 9th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Price Performance

BAC traded down $0.02 on Monday, hitting $45.09. 34,285,680 shares of the company were exchanged, compared to its average volume of 33,701,344. The firm has a market capitalization of $345.97 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s fifty day moving average is $45.53 and its 200 day moving average is $42.22. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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 return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a $0.26 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is presently 37.82%.

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.