Bank of America Co. (NYSE:BAC) Shares Sold by Widmann Financial Services Inc.

Widmann Financial Services Inc. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 6.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,178 shares of the financial services provider’s stock after selling 470 shares during the quarter. Widmann Financial Services Inc.’s holdings in Bank of America were worth $285,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new position in Bank of America in the 2nd quarter valued at $27,000. POM Investment Strategies LLC boosted its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth about $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc lifted its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92. Following the transaction, the insider now owns 863,977,599 shares in the company, valued at approximately $34,801,017,687.72. The trade was a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 70,007,916 shares of company stock valued at $2,829,836,123. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on BAC shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Oppenheimer increased their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Evercore ISI boosted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Bank of America Price Performance

BAC opened at $47.52 on Friday. Bank of America Co. has a 1 year low of $30.04 and a 1 year high of $48.08. The company’s 50 day simple moving average is $43.02 and its 200 day simple moving average is $40.98. The stock has a market capitalization of $364.62 billion, a PE ratio of 17.28, a P/E/G ratio of 1.62 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company posted $0.90 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.