Alpha Cubed Investments LLC Sells 106,948 Shares of Bank of America Co. (NYSE:BAC)

Alpha Cubed Investments LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 67.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,513 shares of the financial services provider’s stock after selling 106,948 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Bank of America were worth $2,004,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Delos Wealth Advisors LLC increased its stake in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new stake in Bank of America in the 2nd quarter valued at about $27,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC lifted its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the second quarter worth $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly 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 SEC, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,918,857 shares of company stock valued at $6,421,694,213. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research reports. Oppenheimer raised their price objective 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. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Barclays raised their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.27.

Bank of America Stock Down 0.4 %

Bank of America stock opened at $39.96 on Tuesday. The firm has a market cap of $312.50 billion, a PE ratio of 13.83, a P/E/G ratio of 1.37 and a beta of 1.33. The firm’s 50 day moving average price is $39.36 and its two-hundred day moving average price is $39.16. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last issued its 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 return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the firm posted $0.88 EPS. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share repurchase program 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 reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 35.99%.

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.