J.P. Marvel Investment Advisors LLC Sells 427 Shares of Bank of America Co. (NYSE:BAC)

J.P. Marvel Investment Advisors LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 0.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 293,684 shares of the financial services provider’s stock after selling 427 shares during the period. Bank of America comprises about 1.9% of J.P. Marvel Investment Advisors LLC’s investment portfolio, making the stock its 13th largest position. J.P. Marvel Investment Advisors LLC’s holdings in Bank of America were worth $11,653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of BAC. Quent Capital LLC lifted its holdings in Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Bank of America by 19.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 487,620 shares of the financial services provider’s stock valued at $18,491,000 after acquiring an additional 79,771 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Bank of America by 15.7% in the 1st quarter. Empowered Funds LLC now owns 198,687 shares of the financial services provider’s stock worth $7,534,000 after acquiring an additional 26,994 shares in the last quarter. Hilltop National Bank bought a new stake in Bank of America during the 1st quarter worth approximately $583,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Bank of America by 13.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 67,394 shares of the financial services provider’s stock valued at $2,556,000 after purchasing an additional 8,094 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the completion of the sale, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BAC shares. Cfra reissued a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets raised their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

Bank of America Price Performance

BAC opened at $44.77 on Friday. The company has a fifty day simple moving average of $40.72 and a 200 day simple moving average of $39.96. 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 stock has a market cap of $343.51 billion, a P/E ratio of 16.28, a P/E/G ratio of 1.40 and a beta of 1.32. Bank of America Co. has a 12 month low of $27.34 and a 12 month high of $45.55.

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, topping the consensus estimate 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 company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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.