Northeast Financial Consultants Inc Decreases Holdings in Bank of America Co. (NYSE:BAC)

Northeast Financial Consultants Inc reduced its position in Bank of America Co. (NYSE:BAC) by 28.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 281,537 shares of the financial services provider’s stock after selling 112,844 shares during the quarter. Northeast Financial Consultants Inc’s holdings in Bank of America were worth $11,171,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in 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 grew its position in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP increased its stake in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Banco Santander S.A. grew its holdings in shares of 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 valued at $23,150,000 after buying an additional 370,275 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of Bank of America by 647.7% in 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 acquiring an additional 1,579,767 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC opened at $46.75 on Friday. The firm’s fifty day simple moving average is $43.75 and its two-hundred day simple moving average is $41.27. Bank of America Co. has a 52-week low of $30.45 and a 52-week high of $48.08. The company has a market cap of $358.71 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.57 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

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 for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Analysts Set New Price Targets

Several analysts have weighed in on BAC shares. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Oppenheimer increased 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. Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $45.57.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the sale, the insider now owns 854,214,328 shares in the company, valued at approximately $33,809,803,102.24. This represents a 0.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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.

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.