Flippin Bruce & Porter Inc. trimmed its holdings in Bank of America Corp (NYSE:BAC) by 1.6% during the third quarter, Holdings Channel reports. The institutional investor owned 184,820 shares of the financial services provider’s stock after selling 2,925 shares during the period. Flippin Bruce & Porter Inc.’s holdings in Bank of America were worth $5,391,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Garrett Wealth Advisory Group LLC acquired a new stake in Bank of America in the 3rd quarter worth about $25,000. Larson Financial Group LLC boosted its stake in Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after buying an additional 880 shares during the last quarter. Salomon & Ludwin LLC lifted its stake in shares of Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 814 shares in the last quarter. Selective Wealth Management Inc. acquired a new position in shares of Bank of America in the 3rd quarter valued at about $43,000. Finally, WealthStone Inc. acquired a new position in shares of Bank of America in the 2nd quarter valued at about $49,000. 70.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:BAC traded up $0.03 during mid-day trading on Friday, hitting $33.26. 38,723,068 shares of the company traded hands, compared to its average volume of 56,181,609. The firm has a market cap of $299.18 billion, a P/E ratio of 12.74, a PEG ratio of 1.27 and a beta of 1.62. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $33.60. The firm’s 50 day simple moving average is $30.19 and its 200 day simple moving average is $29.06.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.16%. Bank of America’s payout ratio is currently 27.59%.
In other Bank of America news, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the sale, the insider now directly owns 43,744 shares in the company, valued at approximately $1,322,381.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Of America Corp /De/ Bank acquired 5,370 shares of the company’s stock in a transaction on Monday, August 26th. The shares were acquired at an average price of $11.83 per share, for a total transaction of $63,527.10. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 51,870 shares of company stock worth $1,476,104. Company insiders own 0.17% of the company’s stock.
Several equities analysts have recently weighed in on the company. Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods lowered Bank of America from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $36.00 to $29.00 in a research note on Thursday, September 5th. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Societe Generale lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Finally, Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the stock. Bank of America has a consensus rating of “Hold” and a consensus target price of $32.59.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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