Townsquare Capital LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Townsquare Capital LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 415,835 shares of the financial services provider’s stock after selling 30,215 shares during the period. Townsquare Capital LLC’s holdings in Bank of America were worth $16,500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank purchased a new position in shares of Bank of America during the third quarter worth $29,000. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc raised its holdings in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $40.66, for a total transaction of $326,566,441.74. Following the sale, the insider now directly owns 874,692,264 shares of the company’s stock, valued at $35,564,987,454.24. This represents a 0.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 77,946,615 shares of company stock worth $3,152,226,690. 0.29% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research 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, Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Performance

NYSE:BAC opened at $47.74 on Wednesday. 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 firm has a market capitalization of $366.26 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 1.61 and a beta of 1.32. The company’s 50-day moving average is $42.57 and its two-hundred day moving average is $40.82. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.84.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 EPS. Analysts forecast 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. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.18%. Bank of America’s payout ratio is 37.82%.

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.