Lakewood Asset Management LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Lakewood Asset Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 10.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,007 shares of the financial services provider’s stock after selling 8,541 shares during the period. Bank of America comprises approximately 2.1% of Lakewood Asset Management LLC’s portfolio, making the stock its 14th largest position. Lakewood Asset Management LLC’s holdings in Bank of America were worth $3,016,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. McAdam LLC lifted its position in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares during the last quarter. BTC Capital Management Inc. lifted its position in 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 acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. lifted its position in 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 acquiring an additional 248 shares during the last quarter. SNS Financial Group LLC lifted its position in 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 acquiring an additional 248 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its position in Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after acquiring an additional 251 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were 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 in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,650,481 shares of company stock worth $6,050,547,676. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. BMO Capital Markets boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Evercore ISI boosted their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Oppenheimer boosted their price target on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley dropped their price objective on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.15 on Monday, reaching $39.96. 26,588,488 shares of the stock were exchanged, compared to its average volume of 38,992,180. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. 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 business has a fifty day moving average price of $39.36 and a two-hundred day moving average price of $39.16. The firm has a market capitalization of $312.50 billion, a PE ratio of 13.82, a PEG ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

About Bank of America

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.