Bank of America Co. (NYSE:BAC) Stake Lessened by Neumann Capital Management LLC

Neumann Capital Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 106,653 shares of the financial services provider’s stock after selling 4,500 shares during the quarter. Bank of America makes up 1.4% of Neumann Capital Management LLC’s investment portfolio, making the stock its 16th largest position. Neumann Capital Management LLC’s holdings in Bank of America were worth $4,232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of BAC. McAdam LLC grew its holdings in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares during the period. Integrity Financial Corp WA boosted its stake in shares of Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the period. BTC Capital Management Inc. boosted its stake in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. raised its stake in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the period. Finally, SNS Financial Group LLC lifted its holdings in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,883,988 shares of company stock valued at $4,344,741,752 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $45.91 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a fifty day simple moving average of $41.22 and a 200 day simple moving average of $40.22. Bank of America Co. has a 12-month low of $29.20 and a 12-month high of $46.52. The company has a market cap of $352.26 billion, a P/E ratio of 16.69, a PEG ratio of 1.55 and a beta of 1.32.

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 for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 EPS. Sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. Bank of America’s dividend payout ratio is currently 37.82%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. BMO Capital Markets increased 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. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Finally, Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $43.69.

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.