Brass Tax Wealth Management Inc. Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Brass Tax Wealth Management Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 45.0% in the 3rd quarter, Holdings Channel reports. The firm owned 6,102 shares of the financial services provider’s stock after selling 4,993 shares during the period. Brass Tax Wealth Management Inc.’s holdings in Bank of America were worth $242,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Longfellow Investment Management Co. LLC lifted its holdings in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after buying an additional 227 shares during the period. Beacon Investment Advisory Services Inc. lifted its holdings in shares of Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares during the period. McAdam LLC lifted its holdings in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the period. Integrity Financial Corp WA lifted its holdings in shares of Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares during the period. Finally, BTC Capital Management Inc. lifted its holdings in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after buying an additional 248 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded down $0.45 during mid-day trading on Friday, reaching $45.63. The stock had a trading volume of 7,559,762 shares, compared to its average volume of 38,115,520. The business’s fifty day moving average is $44.27 and its 200-day moving average is $41.43. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $350.11 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.56 and a beta of 1.33. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.27 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. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.28%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BAC. Barclays upped their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $48.00 to $55.00 in a research note on Monday. Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $45.92.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly 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 filing with the SEC, which is available through this link. Insiders have sold a total of 55,223,897 shares of company stock valued at $2,232,505,985 over the last ninety days. Company 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.