Processus Wealth & Capital Management LLC Has $3.03 Million Stake in Bank of America Co. (NYSE:BAC)

Processus Wealth & Capital Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 9.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,437 shares of the financial services provider’s stock after selling 8,262 shares during the quarter. Bank of America accounts for about 2.5% of Processus Wealth & Capital Management LLC’s portfolio, making the stock its 16th largest position. Processus Wealth & Capital Management LLC’s holdings in Bank of America were worth $3,033,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quent Capital LLC increased its position in Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 1,037 shares during the period. Tectonic Advisors LLC increased its position in Bank of America by 2.7% during the 1st quarter. Tectonic Advisors LLC now owns 26,245 shares of the financial services provider’s stock valued at $995,000 after purchasing an additional 679 shares during the period. WealthPLAN Partners LLC raised its holdings in Bank of America by 161.7% during the 1st quarter. WealthPLAN Partners LLC now owns 28,109 shares of the financial services provider’s stock worth $1,066,000 after purchasing an additional 17,370 shares during the last quarter. TCI Wealth Advisors Inc. lifted its position in shares of Bank of America by 5.5% in the 1st quarter. TCI Wealth Advisors Inc. now owns 20,411 shares of the financial services provider’s stock worth $774,000 after purchasing an additional 1,065 shares during the period. Finally, Atomi Financial Group Inc. boosted its stake in shares of Bank of America by 19.6% in the 1st quarter. Atomi Financial Group Inc. now owns 106,703 shares of the financial services provider’s stock valued at $4,046,000 after purchasing an additional 17,496 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $45.15 on Friday. 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 firm has a market cap of $346.43 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.54 and a beta of 1.32. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $45.55. The company has a fifty day moving average price of $40.90 and a 200-day moving average price of $40.04.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the company posted $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the completion of the sale, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents 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 have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Morgan Stanley upped their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Finally, BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $43.69.

Bank of America Company 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.