Verum Partners LLC Has $503,000 Stock Position in Bank of America Co. (NYSE:BAC)

Verum Partners LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 2.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,678 shares of the financial services provider’s stock after selling 308 shares during the quarter. Verum Partners LLC’s holdings in Bank of America were worth $503,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. American National Bank & Trust Co. VA bought a new position in Bank of America in the first quarter valued at about $1,322,000. Citizens Financial Group Inc. RI raised its stake in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares during the last quarter. Foster Group Inc. lifted its holdings in Bank of America by 19.4% in the first quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after buying an additional 1,457 shares during the period. Councilmark Asset Management LLC bought a new position in Bank of America in the first quarter valued at approximately $771,000. Finally, SteelPeak Wealth LLC grew its holdings in Bank of America by 37.7% during the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 14,901 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday. Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Oppenheimer boosted their price objective on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.47.

Bank of America Stock Up 1.6 %

Bank of America stock traded up $0.68 during mid-day trading on Wednesday, reaching $42.82. The company’s stock had a trading volume of 3,897,719 shares, compared to its average volume of 38,749,266. The business’s 50 day simple moving average is $39.62 and its 200 day simple moving average is $39.33. 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 Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a market capitalization of $334.87 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results 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 10.56% and a net margin of 13.28%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,230,389 shares of company stock valued at $6,023,064,684. 0.29% of the stock is owned by corporate insiders.

Bank of America Company 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.