Fort Pitt Capital Group LLC Sells 454,764 Shares of Bank of America Co. (NYSE:BAC)

Fort Pitt Capital Group LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 96.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,244 shares of the financial services provider’s stock after selling 454,764 shares during the quarter. Fort Pitt Capital Group LLC’s holdings in Bank of America were worth $645,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Delos Wealth Advisors LLC boosted its stake in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC boosted its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC boosted its stake in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,078,718 shares of company stock worth $4,548,920,425. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Oppenheimer increased their target price on Bank of America from $49.00 to $50.00 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 for the company in a research report on Tuesday, September 3rd. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Evercore ISI increased their target price 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. Finally, Keefe, Bruyette & Woods increased their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Stock Performance

BAC stock opened at $41.76 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s fifty day simple moving average is $40.54 and its two-hundred day simple moving average is $39.82. Bank of America Co. has a twelve month low of $26.59 and a twelve month high of $44.44. The firm has a market cap of $320.42 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.42 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. Bank of America’s payout ratio is 37.82%.

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.