Bank of America Co. (NYSE:BAC) Shares Sold by Linscomb Wealth Inc.

Linscomb Wealth Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 302,922 shares of the financial services provider’s stock after selling 9,564 shares during the quarter. Linscomb Wealth Inc.’s holdings in Bank of America were worth $12,020,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC increased its stake in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the third quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC increased its stake in shares of 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 during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock traded up $0.36 during midday trading on Friday, reaching $46.26. The company’s stock had a trading volume of 7,104,527 shares, compared to its average volume of 38,572,184. Bank of America Co. has a fifty-two week low of $29.22 and a fifty-two week high of $46.52. 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 stock’s 50 day simple moving average is $41.33 and its 200 day simple moving average is $40.26. The firm has a market capitalization of $354.95 billion, a PE ratio of 16.83, a P/E/G ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced 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 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 analysts’ expectations of $25.25 billion. During the same quarter last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

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

Bank of America Dividend Announcement

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

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. The trade was a 0.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock worth $4,344,741,752 in the last 90 days. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on BAC. Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

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.