Patriot Investment Management Group Inc. Sells 860 Shares of Bank of America Co. (NYSE:BAC)

Patriot Investment Management Group Inc. lowered its position in Bank of America Co. (NYSE:BAC) by 13.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,681 shares of the financial services provider’s stock after selling 860 shares during the quarter. Patriot Investment Management Group Inc.’s holdings in Bank of America were worth $225,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $27,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter valued at about $28,000. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter worth about $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50. Following the transaction, the insider now owns 776,614,511 shares of the company’s stock, valued at $31,173,306,471.54. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares in the company, valued at $31,173,306,471.54. 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. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 160,921,082 shares of company stock valued at $6,582,343,525. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Morgan Stanley dropped their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Oppenheimer increased their target price on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.27.

Bank of America Trading Up 5.0 %

BAC stock opened at $41.95 on Monday. The business has a fifty day moving average of $39.41 and a 200-day moving average of $39.27. The company has a market cap of $328.06 billion, a P/E ratio of 14.52, a PEG ratio of 1.39 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the previous year, the business posted $0.88 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders 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 dividend on an annualized basis and a yield of 2.48%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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.