United Services Automobile Association Sells 38,309 Shares of Bank of America Co. (NYSE:BAC)

United Services Automobile Association lowered its holdings in Bank of America Co. (NYSE:BAC) by 19.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 158,024 shares of the financial services provider’s stock after selling 38,309 shares during the period. United Services Automobile Association’s holdings in Bank of America were worth $6,270,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accent Capital Management LLC increased its holdings in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments boosted its stake in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Banco Santander S.A. boosted its position in Bank of America by 173.7% during the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock valued at $23,150,000 after buying an additional 370,275 shares during the period. Finally, Westfield Capital Management Co. LP boosted its position in Bank of America by 647.7% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock valued at $72,363,000 after buying an additional 1,579,767 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $46.73 on Friday. Bank of America Co. has a one year low of $30.45 and a one year high of $48.08. The company’s fifty day moving average price is $43.60 and its 200-day moving average price is $41.20. 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 company has a market capitalization of $358.52 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.57 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The company’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal 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 paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Morgan Stanley lifted their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays lifted their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.57.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the transaction, the insider now owns 854,214,328 shares in the company, valued at $33,809,803,102.24. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 56,945,263 shares of company stock valued at $2,300,620,438 over the last 90 days. 0.29% of the stock is owned by corporate insiders.

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.