Iron Gate Global Advisors LLC Cuts Position in Bank of America Co. (NYSE:BAC)

Iron Gate Global Advisors LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 11.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,442 shares of the financial services provider’s stock after selling 683 shares during the quarter. Iron Gate Global Advisors LLC’s holdings in Bank of America were worth $216,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BAC. Janus Henderson Group PLC increased its holdings in Bank of America by 0.8% during the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider’s stock valued at $43,268,000 after acquiring an additional 9,137 shares in the last quarter. Harmony Asset Management LLC boosted its stake in shares of Bank of America by 160.1% during the 3rd quarter. Harmony Asset Management LLC now owns 45,769 shares of the financial services provider’s stock worth $1,816,000 after purchasing an additional 28,175 shares during the last quarter. Hilltop Holdings Inc. boosted its stake in shares of Bank of America by 41.8% during the 3rd quarter. Hilltop Holdings Inc. now owns 49,813 shares of the financial services provider’s stock worth $1,977,000 after purchasing an additional 14,674 shares during the last quarter. Cinctive Capital Management LP acquired a new stake in shares of Bank of America during the 3rd quarter worth about $13,579,000. Finally, Coastwise Capital Group LLC boosted its stake in shares of Bank of America by 4.1% during the 3rd quarter. Coastwise Capital Group LLC now owns 41,046 shares of the financial services provider’s stock worth $1,629,000 after purchasing an additional 1,619 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $47.02 on Tuesday. Bank of America Co. has a 1 year low of $30.33 and a 1 year high of $48.08. The company has a market cap of $360.78 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33. 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 fifty day moving average of $43.02 and a 200-day moving average of $41.02.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 61,976,277 shares of company stock valued at $2,503,269,682 over the last 90 days. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on BAC. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Finally, Piper Sandler raised their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.57.

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.