Bank of America Co. (NYSE:BAC) Stock Position Reduced by 1832 Asset Management L.P.

1832 Asset Management L.P. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 43.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 401,475 shares of the financial services provider’s stock after selling 314,484 shares during the period. 1832 Asset Management L.P.’s holdings in Bank of America were worth $15,224,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter worth $28,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the 1st quarter worth $33,000. Clearstead Trust LLC boosted its holdings in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the period. Finally, Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth $32,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Oppenheimer upped their price objective on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. upped their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.92.

Bank of America Trading Down 0.0 %

Shares of NYSE BAC traded down $0.01 during mid-day trading on Friday, hitting $41.67. The company’s stock had a trading volume of 52,049,329 shares, compared to its average volume of 36,797,552. The stock has a market cap of $325.87 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company’s fifty day simple moving average is $40.44 and its 200-day simple moving average is $37.25.

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, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America announced that its Board of Directors has authorized a share repurchase plan 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Bank of America

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 value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 36,753,983 shares of company stock worth $1,588,489,324 in the last ninety days. Company 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.