Hantz Financial Services Inc. Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Hantz Financial Services Inc. cut its stake in shares of Bank of America Co. (NYSE:BAC) by 6.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 273,687 shares of the financial services provider’s stock after selling 19,343 shares during the quarter. Hantz Financial Services Inc.’s holdings in Bank of America were worth $10,860,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Longfellow Investment Management Co. LLC raised its position in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares in the last quarter. McAdam LLC raised its position in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares in the last quarter. Integrity Financial Corp WA raised its position in shares of Bank of America by 1.6% in 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 in the last quarter. BTC Capital Management Inc. raised its position in shares of Bank of America by 1.2% in 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 in the last quarter. Finally, Central Bank & Trust Co. raised its position in shares of 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 worth $75,000 after acquiring an additional 248 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92. Following the completion of the transaction, the insider now directly owns 863,977,599 shares in the company, valued at approximately $34,801,017,687.72. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 70,007,916 shares of company stock worth $2,829,836,123. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Morgan Stanley upped their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI upped 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 upped 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 analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Up 0.0 %

Shares of BAC opened at $47.77 on Friday. The company has a market capitalization of $366.53 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 1.62 and a beta of 1.32. The stock’s 50-day moving average price is $42.87 and its 200-day moving average price is $40.92. 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 52 week low of $29.32 and a 52 week high of $47.98.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.18%. Bank of America’s payout ratio is 37.82%.

About Bank of America

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.