Harel Insurance Investments & Financial Services Ltd. Cuts Stock Holdings in Bank of America Corp (NYSE:BAC)

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Harel Insurance Investments & Financial Services Ltd. lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 38.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,806 shares of the financial services provider’s stock after selling 16,809 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Bank of America were worth $783,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Nvwm LLC increased its position in shares of Bank of America by 0.9% in the third quarter. Nvwm LLC now owns 34,592 shares of the financial services provider’s stock worth $1,009,000 after acquiring an additional 321 shares in the last quarter. Signature Estate & Investment Advisors LLC grew its holdings in Bank of America by 4.7% during the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 7,325 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 326 shares in the last quarter. Wendell David Associates Inc. grew its holdings in Bank of America by 1.5% during the 3rd quarter. Wendell David Associates Inc. now owns 24,452 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 350 shares in the last quarter. American Research & Management Co. grew its holdings in Bank of America by 1.4% during the 3rd quarter. American Research & Management Co. now owns 25,834 shares of the financial services provider’s stock valued at $754,000 after purchasing an additional 350 shares in the last quarter. Finally, Rainey & Randall Investment Management Inc. grew its holdings in Bank of America by 3.5% during the 3rd quarter. Rainey & Randall Investment Management Inc. now owns 10,415 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 356 shares in the last quarter. 71.00% of the stock is currently owned by institutional investors.

BAC stock traded down $0.09 during mid-day trading on Tuesday, hitting $33.09. 37,264,693 shares of the company were exchanged, compared to its average volume of 55,965,211. The company has a market capitalization of $297.60 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.28 and a beta of 1.62. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $33.60. The firm has a fifty day simple moving average of $30.33 and a 200 day simple moving average of $29.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. The company had revenue of $22.96 billion during the quarter, compared to analyst estimates of $22.73 billion. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the business earned $0.66 EPS. As a group, sell-side analysts anticipate that Bank of America Corp will post 2.89 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Thursday, December 5th. Bank of America’s dividend payout ratio is currently 27.59%.

In other news, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the transaction, the director now directly owns 50,000 shares in the company, valued at approximately $1,566,500. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kathleen A. Knox sold 40,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the completion of the transaction, the insider now owns 43,744 shares in the company, valued at $1,322,381.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,870 shares of company stock valued at $1,476,104. 0.17% of the stock is owned by company insiders.

A number of research firms recently weighed in on BAC. Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $36.00 to $29.00 in a report on Thursday, September 5th. Morgan Stanley lowered their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, October 4th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Finally, Raymond James lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company’s stock. Bank of America has an average rating of “Hold” and a consensus target price of $32.59.

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

Further Reading: Death Cross

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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