Moloney Securities Asset Management LLC Trims Holdings in Bank of America Corp (NYSE:BAC)

Moloney Securities Asset Management LLC decreased its holdings in Bank of America Corp (NYSE:BAC) by 6.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,032 shares of the financial services provider’s stock after selling 1,962 shares during the period. Moloney Securities Asset Management LLC’s holdings in Bank of America were worth $789,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in BAC. Garrett Wealth Advisory Group LLC purchased a new stake in Bank of America in the third quarter worth $25,000. Larson Financial Group LLC grew its position in shares of Bank of America by 195.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after buying an additional 880 shares in the last quarter. Salomon & Ludwin LLC grew its position in shares of Bank of America by 120.6% during the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares in the last quarter. Selective Wealth Management Inc. bought a new position in shares of Bank of America during the 3rd quarter worth $43,000. Finally, WealthStone Inc. bought a new position in shares of Bank of America during the 2nd quarter worth $49,000. Institutional investors and hedge funds own 70.75% of the company’s stock.

In other news, insider Kathleen A. Knox sold 40,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $30.23, for a total value of $1,209,200.00. Following the completion of the transaction, the insider now directly owns 43,744 shares in the company, valued at $1,322,381.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,566,500. The disclosure for this sale can be found here. In the last three months, insiders sold 51,870 shares of company stock valued at $1,476,104. Corporate insiders own 0.17% of the company’s stock.

BAC has been the topic of a number of recent research reports. Societe Generale downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods downgraded Bank of America from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $33.00 price target (up previously from $30.00) on shares of Bank of America in a research report on Monday. Finally, Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $32.59.

BAC stock traded up $0.53 during trading on Thursday, reaching $33.32. 12,589,171 shares of the company traded hands, compared to its average volume of 53,669,456. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $33.09. The business has a 50 day simple moving average of $30.06 and a 200 day simple moving average of $29.03. The company has a market capitalization of $298.19 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 1.25 and a beta of 1.62. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.07. The business had revenue of $22.96 billion during the quarter, compared to the consensus estimate of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $0.66 earnings per share. As a group, research analysts forecast that Bank of America Corp will post 2.88 EPS for the current year.

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 issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, December 5th. Bank of America’s dividend payout ratio is presently 27.59%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: How to Trade Using Analysts Ratings

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.