Bank of America Co. (NYSE:BAC) Stock Position Lessened by Pin Oak Investment Advisors Inc.

Pin Oak Investment Advisors Inc. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,591 shares of the financial services provider’s stock after selling 831 shares during the period. Bank of America makes up 0.9% of Pin Oak Investment Advisors Inc.’s portfolio, making the stock its 24th biggest position. Pin Oak Investment Advisors Inc.’s holdings in Bank of America were worth $1,015,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Accent Capital Management LLC raised its holdings in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments lifted its holdings in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares during the period. Baker Avenue Asset Management LP boosted its stake in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Banco Santander S.A. grew its holdings in Bank of America by 173.7% during the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after acquiring an additional 370,275 shares during the period. Finally, Citizens Financial Group Inc. RI raised its position in Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after acquiring an additional 20,916 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $40.66, for a total value of $326,566,441.74. Following the sale, the insider now directly owns 874,692,264 shares in the company, valued at approximately $35,564,987,454.24. This represents a 0.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 77,946,615 shares of company stock valued at $3,152,226,690 in the last 90 days. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent research reports. Oppenheimer lifted their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods boosted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Price Performance

NYSE BAC opened at $47.76 on Thursday. The stock has a market capitalization of $366.46 billion, a PE ratio of 17.37, a P/E/G ratio of 1.61 and a beta of 1.32. The stock has a 50-day simple moving average of $42.73 and a 200 day simple moving average of $40.87. 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 $29.32 and a twelve month high of $47.98.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. Research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.18%. Bank of America’s payout ratio is 37.82%.

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.