WESPAC Advisors SoCal LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

WESPAC Advisors SoCal LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,350 shares of the financial services provider’s stock after selling 500 shares during the quarter. WESPAC Advisors SoCal LLC’s holdings in Bank of America were worth $635,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Newton One Investments LLC purchased a new stake in Bank of America in the 2nd quarter worth $29,000. Cowen Prime Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth $31,000. PrairieView Partners LLC grew its holdings in shares of Bank of America by 162.5% during the third quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock worth $31,000 after buying an additional 450 shares in the last quarter. Elmwood Wealth Management Inc. grew its holdings in shares of Bank of America by 138.9% during the second quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock worth $35,000 after buying an additional 500 shares in the last quarter. Finally, Mascoma Wealth Management LLC purchased a new stake in shares of Bank of America during the third quarter worth $36,000. 70.67% of the stock is owned by institutional investors.

NYSE:BAC traded up $0.13 on Thursday, reaching $47.63. 40,059,953 shares of the company’s stock were exchanged, compared to its average volume of 48,298,340. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $389.81 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.53. The business has a fifty day moving average of $45.21 and a 200-day moving average of $42.33. Bank of America Co. has a 52-week low of $28.10 and a 52-week high of $48.69.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.14. The company had revenue of $22.77 billion for the quarter, compared to analyst estimates of $21.60 billion. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.49 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be paid a dividend of $0.21 per share. The ex-dividend date is Thursday, December 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 1.76%. Bank of America’s dividend payout ratio (DPR) is presently 25.23%.

In related news, insider Dean C. Athanasia sold 108,478 shares of the company’s stock in a transaction that occurred on Friday, October 15th. The shares were sold at an average price of $45.77, for a total transaction of $4,965,038.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank P. Bramble sold 2,200 shares of the company’s stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total transaction of $106,084.00. The disclosure for this sale can be found here. 0.22% of the stock is owned by corporate insiders.

A number of equities research analysts have recently issued reports on BAC shares. Jefferies Financial Group upped their target price on shares of Bank of America from $41.00 to $48.00 and gave the stock a “hold” rating in a report on Monday, October 11th. Robert W. Baird lowered shares of Bank of America from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $47.17 to $42.00 in a report on Monday, November 1st. They noted that the move was a valuation call. Wolfe Research lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 target price for the company. in a report on Wednesday, October 13th. Barclays boosted their price target on shares of Bank of America from $45.00 to $49.00 and gave the company an “overweight” rating in a research report on Friday, October 15th. Finally, Evercore ISI boosted their price target on shares of Bank of America from $43.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, October 15th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Buy” and an average price target of $44.04.

About Bank of America

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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