Acropolis Investment Management LLC Has $591,000 Stock Position in Bank of America Co. (NYSE:BAC)

Acropolis Investment Management LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 21.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,902 shares of the financial services provider’s stock after selling 4,051 shares during the quarter. Acropolis Investment Management LLC’s holdings in Bank of America were worth $591,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in BAC. American Trust grew its holdings in shares of Bank of America by 38.5% during the first quarter. American Trust now owns 10,059 shares of the financial services provider’s stock valued at $381,000 after buying an additional 2,798 shares in the last quarter. Transcend Capital Advisors LLC grew its stake in Bank of America by 13.8% during the 2nd quarter. Transcend Capital Advisors LLC now owns 70,059 shares of the financial services provider’s stock valued at $2,786,000 after acquiring an additional 8,514 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Bank of America by 32.1% in the 2nd quarter. GAMMA Investing LLC now owns 82,378 shares of the financial services provider’s stock valued at $3,276,000 after purchasing an additional 20,019 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in shares of Bank of America by 1.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 719,918 shares of the financial services provider’s stock worth $28,631,000 after purchasing an additional 10,910 shares in the last quarter. Finally, Hudson Valley Investment Advisors Inc. ADV grew its position in Bank of America by 49.2% during the second quarter. Hudson Valley Investment Advisors Inc. ADV now owns 161,557 shares of the financial services provider’s stock valued at $6,425,000 after purchasing an additional 53,279 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the sale, the insider now owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. This trade represents a 0.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 70,007,916 shares of company stock worth $2,829,836,123. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Down 0.5 %

Bank of America stock opened at $47.52 on Friday. Bank of America Co. has a 52 week low of $30.04 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $364.62 billion, a PE ratio of 17.28, a PEG ratio of 1.62 and a beta of 1.32. The business’s 50-day simple moving average is $43.02 and its 200-day simple moving average is $40.98.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio is 37.82%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BAC shares. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Oppenheimer raised their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

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.