ArrowMark Colorado Holdings LLC Sells 5,000 Shares of Bank of America Co. (NYSE:BAC)

ArrowMark Colorado Holdings LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 81,350 shares of the financial services provider’s stock after selling 5,000 shares during the period. ArrowMark Colorado Holdings LLC’s holdings in Bank of America were worth $3,228,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accent Capital Management LLC increased its position in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments increased its holdings in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Baker Avenue Asset Management LP raised its position in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Banco Santander S.A. boosted its stake in Bank of America by 173.7% in the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after purchasing an additional 370,275 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its position in Bank of America by 647.7% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock valued at $72,363,000 after purchasing an additional 1,579,767 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the transaction, the insider now owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. This represents a 0.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 61,976,277 shares of company stock valued at $2,503,269,682 in the last three months. 0.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Wells Fargo & Company upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods increased their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. 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 note on Friday, October 18th. Morgan Stanley increased their price objective 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. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has issued 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 $44.82.

Bank of America Stock Performance

BAC opened at $47.02 on Tuesday. The company has a 50 day simple moving average of $43.02 and a two-hundred day simple moving average of $41.02. 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 $360.78 billion, a P/E ratio of 17.10, a PEG ratio of 1.61 and a beta of 1.33. Bank of America Co. has a 1-year low of $30.33 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 EPS. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 annualized dividend and a yield of 2.21%. Bank of America’s payout ratio is 37.82%.

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.