HBW Advisory Services LLC Sells 3,089 Shares of Bank of America Co. (NYSE:BAC)

HBW Advisory Services LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 23.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,257 shares of the financial services provider’s stock after selling 3,089 shares during the quarter. HBW Advisory Services LLC’s holdings in Bank of America were worth $451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares during the period. Legal & General Group Plc grew its stake in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after acquiring an additional 895,884 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after acquiring an additional 1,731,003 shares in the last quarter. Sanders Capital LLC raised its position in shares of Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after purchasing an additional 601,211 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its holdings in shares of Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated 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 in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Down 2.3 %

Bank of America stock opened at $45.14 on Friday. The firm has a 50 day simple moving average of $45.53 and a 200 day simple moving average of $42.18. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The firm has a market capitalization of $346.35 billion, a price-to-earnings ratio of 16.41, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company posted $0.90 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price objective 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. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $48.00 to $55.00 in a research report on Monday, December 9th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.