SageView Advisory Group LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

SageView Advisory Group LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 5.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,997 shares of the financial services provider’s stock after selling 2,657 shares during the quarter. SageView Advisory Group LLC’s holdings in Bank of America were worth $1,865,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of BAC. Quadrature Capital Ltd purchased a new stake in shares of Bank of America during the 3rd quarter worth $10,525,000. Quantinno Capital Management LP raised its holdings in Bank of America by 32.9% in the third quarter. Quantinno Capital Management LP now owns 460,707 shares of the financial services provider’s stock worth $18,281,000 after purchasing an additional 114,026 shares in the last quarter. Quarry LP bought a new position in Bank of America in the third quarter worth about $580,000. Royal London Asset Management Ltd. lifted its position in shares of Bank of America by 3.4% during the third quarter. Royal London Asset Management Ltd. now owns 3,060,455 shares of the financial services provider’s stock valued at $121,439,000 after buying an additional 101,116 shares during the last quarter. Finally, Redwood Grove Capital LLC boosted its holdings in shares of Bank of America by 17.3% in the 3rd quarter. Redwood Grove Capital LLC now owns 428,207 shares of the financial services provider’s stock valued at $16,991,000 after buying an additional 63,307 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Oppenheimer boosted 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.57.

Bank of America Trading Up 1.4 %

Shares of Bank of America stock opened at $47.01 on Friday. Bank of America Co. has a 1 year low of $30.44 and a 1 year high of $48.08. 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 stock has a market cap of $360.70 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33. The firm has a fifty day moving average price of $43.60 and a 200 day moving average price of $41.20.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating 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 last year, the business posted $0.90 EPS. The company’s revenue was up .4% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The trade was a 1.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 56,945,263 shares of company stock worth $2,300,620,438. Corporate insiders own 0.29% of the company’s stock.

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.