David Loasby decreased its position in Bank of America Co. (NYSE:BAC) by 4.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,895 shares of the financial services provider’s stock after selling 975 shares during the period. David Loasby’s holdings in Bank of America were worth $479,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of BAC. Usca Ria LLC lifted its position in Bank of America by 2.0% in the third quarter. Usca Ria LLC now owns 234,354 shares of the financial services provider’s stock valued at $5,646,000 after purchasing an additional 4,671 shares during the period. Mitchell Mcleod Pugh & Williams Inc. increased its position in Bank of America by 1.5% during the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 47,149 shares of the financial services provider’s stock worth $1,136,000 after purchasing an additional 719 shares during the period. AM Investment Strategies LLC raised its stake in shares of Bank of America by 24.8% during the 3rd quarter. AM Investment Strategies LLC now owns 44,631 shares of the financial services provider’s stock worth $1,075,000 after buying an additional 8,876 shares in the last quarter. New Mexico Educational Retirement Board lifted its holdings in shares of Bank of America by 19.0% in the 3rd quarter. New Mexico Educational Retirement Board now owns 648,254 shares of the financial services provider’s stock valued at $18,910,000 after buying an additional 103,500 shares during the period. Finally, Fiduciary Planning LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $26,000. Institutional investors and hedge funds own 68.19% of the company’s stock.
Shares of BAC traded down $0.10 on Thursday, hitting $23.37. 1,850,563 shares of the stock traded hands, compared to its average volume of 70,723,609. Bank of America Co. has a 1 year low of $17.95 and a 1 year high of $35.72. The stock’s 50 day moving average is $24.61 and its two-hundred day moving average is $24.44. The firm has a market capitalization of $203.35 billion, a P/E ratio of 11.62, a P/E/G ratio of 2.01 and a beta of 1.54. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, December 3rd. Bank of America’s dividend payout ratio is presently 24.49%.
BAC has been the subject of several research analyst reports. Societe Generale upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Tuesday, July 7th. Wells Fargo & Company downgraded shares of Bank of America to a “sell” rating in a report on Friday, July 10th. Oppenheimer reissued a “buy” rating on shares of Bank of America in a report on Tuesday, September 8th. Royal Bank of Canada set a $28.00 target price on shares of Bank of America and gave the company a “buy” rating in a report on Wednesday, October 14th. Finally, Seaport Global Securities initiated coverage on Bank of America in a research note on Wednesday, July 8th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the stock. Bank of America presently has an average rating of “Buy” and a consensus price target of $29.31.
In other news, major shareholder Berkshire Hathaway Inc purchased 13,584,301 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were purchased at an average price of $24.81 per share, with a total value of $337,026,507.81. 0.20% of the stock is owned by company insiders.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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