GS Investments Inc. Sells 11,093 Shares of Bank of America Co. (NYSE:BAC)

GS Investments Inc. reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 23.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,163 shares of the financial services provider’s stock after selling 11,093 shares during the quarter. GS Investments Inc.’s holdings in Bank of America were worth $1,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Integrated Investment Consultants LLC grew its holdings in Bank of America by 26.7% during the 3rd quarter. Integrated Investment Consultants LLC now owns 35,397 shares of the financial services provider’s stock valued at $1,405,000 after buying an additional 7,456 shares in the last quarter. German American Bancorp Inc. increased its position in Bank of America by 10.4% in the third quarter. German American Bancorp Inc. now owns 240,031 shares of the financial services provider’s stock worth $9,524,000 after purchasing an additional 22,515 shares during the last quarter. Trustmark National Bank Trust Department raised its stake in Bank of America by 12.6% during the third quarter. Trustmark National Bank Trust Department now owns 220,219 shares of the financial services provider’s stock valued at $8,738,000 after purchasing an additional 24,619 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Bank of America by 37.4% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,566,385 shares of the financial services provider’s stock valued at $220,874,000 after purchasing an additional 1,513,833 shares during the last quarter. Finally, Cornerstone Advisors LLC grew its stake in shares of Bank of America by 7.9% in the 3rd quarter. Cornerstone Advisors LLC now owns 494,600 shares of the financial services provider’s stock worth $19,626,000 after buying an additional 36,400 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Oppenheimer lifted their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.26.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on 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 of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. Company insiders own 0.29% of the company’s stock.

Bank of America Trading Down 0.8 %

Bank of America stock opened at $46.06 on Thursday. The stock’s 50 day simple moving average is $41.92 and its two-hundred day simple moving average is $40.55. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.02. The firm has a market cap of $353.41 billion, a PE ratio of 16.75, a P/E/G ratio of 1.57 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. Analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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

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.