Altrius Capital Management Inc Sells 1,540 Shares of Bank of America Co. (NYSE:BAC)

Altrius Capital Management Inc lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 121,801 shares of the financial services provider’s stock after selling 1,540 shares during the period. Altrius Capital Management Inc’s holdings in Bank of America were worth $4,833,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BAC. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the third quarter worth $29,000. Bbjs Financial Advisors LLC bought a new stake in Bank of America during the second quarter valued at $30,000. Finally, Clearstead Trust LLC grew its position in Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,883,988 shares of company stock valued at $4,344,741,752. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods lifted their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Trading Up 0.9 %

Shares of NYSE BAC traded up $0.41 during trading hours on Friday, hitting $46.31. The company’s stock had a trading volume of 5,989,802 shares, compared to its average volume of 38,567,164. Bank of America Co. has a 12 month low of $29.22 and a 12 month high of $46.52. The stock has a market cap of $355.33 billion, a price-to-earnings ratio of 16.83, a P/E/G ratio of 1.55 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business has a 50-day simple moving average of $41.33 and a 200-day simple moving average of $40.26.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. On average, analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is 37.82%.

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