Keudell Morrison Wealth Management Sells 13,640 Shares of Bank of America Co. (NYSE:BAC)

Keudell Morrison Wealth Management decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 62.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,068 shares of the financial services provider’s stock after selling 13,640 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Bank of America were worth $320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Citizens Financial Group Inc. RI lifted its position in Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC purchased a new position in Bank of America in the 1st quarter worth $771,000. SteelPeak Wealth LLC lifted its stake in Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Brookstone Capital Management boosted its position in Bank of America by 11.5% during the second quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after buying an additional 20,309 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Bank of America by 39.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock valued at $395,381,000 after buying an additional 2,827,700 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.1 %

Shares of NYSE:BAC traded down $0.48 during midday trading on Thursday, reaching $44.93. The company’s stock had a trading volume of 8,606,904 shares, compared to its average volume of 38,535,973. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $40.72 and a 200-day moving average of $39.96. The firm has a market capitalization of $344.74 billion, a P/E ratio of 16.51, a PEG ratio of 1.40 and a beta of 1.32. Bank of America Co. has a 12-month low of $27.34 and a 12-month high of $45.55.

Bank of America (NYSE:BAC) last announced its 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America declared that its board has initiated a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI raised their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.97.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 0.00 % 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 related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 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.