Bank of America Co. (NYSE:BAC) Shares Sold by Central Valley Advisors LLC

Central Valley Advisors LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 3.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,824 shares of the financial services provider’s stock after selling 1,158 shares during the period. Central Valley Advisors LLC’s holdings in Bank of America were worth $1,183,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors acquired a new position in Bank of America in the 4th quarter valued at $15,031,000. Exencial Wealth Advisors LLC boosted its holdings in Bank of America by 7.9% in the 4th quarter. Exencial Wealth Advisors LLC now owns 51,631 shares of the financial services provider’s stock valued at $1,738,000 after purchasing an additional 3,791 shares in the last quarter. Westwood Holdings Group Inc. raised its stake in shares of Bank of America by 3.9% during the 4th quarter. Westwood Holdings Group Inc. now owns 4,569,535 shares of the financial services provider’s stock worth $153,856,000 after buying an additional 170,535 shares in the last quarter. Sompo Asset Management Co. Ltd. lifted its holdings in shares of Bank of America by 32.5% in the 4th quarter. Sompo Asset Management Co. Ltd. now owns 102,560 shares of the financial services provider’s stock valued at $3,453,000 after buying an additional 25,180 shares during the period. Finally, Socorro Asset Management LP boosted its stake in shares of Bank of America by 1.2% in the fourth quarter. Socorro Asset Management LP now owns 253,809 shares of the financial services provider’s stock valued at $8,546,000 after buying an additional 2,990 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 2.2 %

NYSE:BAC traded up $0.86 during mid-day trading on Friday, reaching $40.11. The company’s stock had a trading volume of 34,255,929 shares, compared to its average volume of 39,056,484. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company’s fifty day simple moving average is $39.36 and its two-hundred day simple moving average is $39.12. 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 stock has a market cap of $313.68 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 earnings per share. On average, equities analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.59%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have commented on BAC. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, Evercore ISI raised their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 147,650,481 shares of company stock valued at $6,050,547,676 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.