Hudson Valley Investment Advisors Inc. ADV Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Hudson Valley Investment Advisors Inc. ADV lowered its position in Bank of America Co. (NYSE:BAC) by 39.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 97,736 shares of the financial services provider’s stock after selling 63,821 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Bank of America were worth $3,878,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Diversify Advisory Services LLC purchased a new stake in shares of Bank of America in the first quarter valued at about $4,730,000. Lineweaver Wealth Advisors LLC increased its holdings in Bank of America by 6.6% during the first quarter. Lineweaver Wealth Advisors LLC now owns 43,853 shares of the financial services provider’s stock worth $1,663,000 after buying an additional 2,727 shares during the last quarter. Bridgewater Advisors Inc. increased its holdings in Bank of America by 6.0% during the first quarter. Bridgewater Advisors Inc. now owns 25,733 shares of the financial services provider’s stock worth $976,000 after buying an additional 1,467 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co increased its holdings in Bank of America by 5.2% during the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 39,182 shares of the financial services provider’s stock worth $1,486,000 after buying an additional 1,950 shares during the last quarter. Finally, Mission Wealth Management LP increased its holdings in Bank of America by 59.2% during the first quarter. Mission Wealth Management LP now owns 79,289 shares of the financial services provider’s stock worth $3,007,000 after buying an additional 29,476 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now directly owns 812,041,811 shares in the company, valued at $31,888,881,917.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,078,718 shares of company stock worth $4,548,920,425. 0.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. BMO Capital Markets boosted 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 research report on Thursday, July 18th. Phillip Securities raised 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 research report on Friday, October 18th. Finally, Jefferies Financial Group upped their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Price Performance

Shares of Bank of America stock opened at $42.34 on Thursday. Bank of America Co. has a 52-week low of $25.72 and a 52-week high of $44.44. The stock has a market capitalization of $328.54 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33. The company has a fifty day moving average of $40.44 and a 200-day moving average of $39.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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 during 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 in the prior year, the company posted $0.90 EPS. Equities 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 stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding 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 generally a sign that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued 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 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 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.