Bank of America Co. (NYSE:BAC) Shares Sold by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC cut its position in Bank of America Co. (NYSE:BAC) by 2.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 149,429 shares of the financial services provider’s stock after selling 3,901 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Bank of America were worth $5,929,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Accent Capital Management LLC boosted its position in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments raised its stake in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP raised its stake in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares during the last quarter. Banco Santander S.A. raised its stake in Bank of America by 173.7% during the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock valued at $23,150,000 after acquiring an additional 370,275 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its stake in Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after acquiring an additional 20,916 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $39.95, for a total transaction of $282,888,946.25. Following the sale, the insider now owns 896,719,301 shares in the company, valued at $35,823,936,074.95. This trade represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 85,027,690 shares of company stock worth $3,435,115,636. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

BAC opened at $47.50 on Tuesday. The stock has a market cap of $364.46 billion, a P/E ratio of 17.27, a P/E/G ratio of 1.59 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $42.41 and its 200 day simple moving average is $40.76. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.74.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Analyst Ratings Changes

Several analysts have commented on BAC shares. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

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