Ables Iannone Moore & Associates Inc. Sells 1,144 Shares of Bank of America Co. (NYSE:BAC)

Ables Iannone Moore & Associates Inc. reduced its position in Bank of America Co. (NYSE:BAC) by 1.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 107,790 shares of the financial services provider’s stock after selling 1,144 shares during the period. Bank of America accounts for approximately 2.9% of Ables Iannone Moore & Associates Inc.’s investment portfolio, making the stock its 10th largest holding. Ables Iannone Moore & Associates Inc.’s holdings in Bank of America were worth $4,739,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter worth about $27,000. Kennebec Savings Bank bought a new position in shares of Bank of America in the 3rd quarter worth $29,000. Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new stake in Bank of America in the third quarter valued at about $45,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $73,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock traded up $0.58 during midday trading on Monday, hitting $45.39. The company’s stock had a trading volume of 30,023,412 shares, compared to its average volume of 24,856,730. The company has a 50-day moving average price of $45.17 and a two-hundred day moving average price of $42.01. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The company has a market cap of $348.27 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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 (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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.29%. Bank of America’s dividend payout ratio is 37.82%.

Analyst Ratings Changes

A number of analysts recently commented on BAC shares. Evercore ISI upped their price objective 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. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Oppenheimer lowered their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.07.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the 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 owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

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.