M Holdings Securities Inc. Sells 64,686 Shares of Bank of America Co. (NYSE:BAC)

M Holdings Securities Inc. reduced its position in Bank of America Co. (NYSE:BAC) by 71.0% during the third quarter, HoldingsChannel reports. The fund owned 26,362 shares of the financial services provider’s stock after selling 64,686 shares during the quarter. M Holdings Securities Inc.’s holdings in Bank of America were worth $1,046,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Fairway Wealth LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC grew 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 valued at $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Morgan Stanley increased their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI increased their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Insider Buying and Selling

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 48.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the sale, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,094,698 shares of company stock valued at $3,876,350,805 over the last three months. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

Bank of America stock opened at $47.00 on Friday. The firm has a fifty day simple moving average of $42.24 and a two-hundred day simple moving average of $40.65. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $29.32 and a twelve month high of $47.22. The company has a market capitalization of $360.63 billion, a PE ratio of 17.09, a P/E/G ratio of 1.57 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, beating 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the company posted $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

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. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend 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.