David J Yvars Group Sells 17,319 Shares of Bank of America Co. (NYSE:BAC)

David J Yvars Group lessened its position in Bank of America Co. (NYSE:BAC) by 17.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 84,820 shares of the financial services provider’s stock after selling 17,319 shares during the quarter. Bank of America makes up about 2.1% of David J Yvars Group’s investment portfolio, making the stock its 14th largest holding. David J Yvars Group’s holdings in Bank of America were worth $3,366,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. McAdam LLC lifted its position in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares in the last quarter. Integrity Financial Corp WA raised its stake in Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the period. BTC Capital Management Inc. lifted its holdings in Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares in the last quarter. Central Bank & Trust Co. boosted its position in shares of Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC increased its stake in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on BAC shares. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Barclays increased their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.97.

Bank of America Stock Performance

NYSE BAC opened at $45.39 on Thursday. The company has a market cap of $348.27 billion, a P/E ratio of 16.51, a P/E/G ratio of 1.40 and a beta of 1.32. The business’s 50 day moving average price is $40.72 and its 200-day moving average price is $39.96. Bank of America Co. has a fifty-two week low of $27.34 and a fifty-two week high of $45.55. 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 announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.26 earnings per share for the current 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 paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,067,817 shares of company stock worth $4,548,518,070 in the last ninety days. 0.29% of the stock is owned by company insiders.

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.