EagleClaw Capital Managment LLC Decreases Stock Position in Bank of America Co. (NYSE:BAC)

EagleClaw Capital Managment LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 9.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,102 shares of the financial services provider’s stock after selling 5,675 shares during the period. EagleClaw Capital Managment LLC’s holdings in Bank of America were worth $2,067,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new position in shares of Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank purchased a new position in Bank of America in the 3rd quarter valued at approximately $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.04 during trading hours on Wednesday, reaching $46.37. 2,214,179 shares of the stock traded hands, compared to its average volume of 38,486,797. The company has a market capitalization of $355.79 billion, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The company’s 50-day simple moving average is $41.78 and its two-hundred day simple moving average is $40.51. 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 Co. has a 52-week low of $29.32 and a 52-week high of $47.02.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for 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 business’s revenue was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.24%. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America declared that its board has initiated a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Evercore ISI increased their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. 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. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Insider Activity at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was 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 in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88. Following the completion of the transaction, the insider now directly owns 921,706,667 shares of the company’s stock, valued at $36,674,708,279.93. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 102,848,970 shares of company stock worth $4,145,103,288 in the last 90 days. Company insiders own 0.29% of the company’s stock.

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.