Hobbs Group Advisors LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Hobbs Group Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 9.3% in the third quarter, Holdings Channel reports. The firm owned 32,097 shares of the financial services provider’s stock after selling 3,273 shares during the period. Hobbs Group Advisors LLC’s holdings in Bank of America were worth $1,274,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BAC. Accent Capital Management LLC lifted its position in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Summit Global Investments lifted its position in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC lifted its position in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP lifted its position in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Finally, Banco Santander S.A. lifted its position in Bank of America by 173.7% during the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after acquiring an additional 370,275 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $45.77 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $351.19 billion, a price-to-earnings ratio of 16.64, a P/E/G ratio of 1.58 and a beta of 1.33. The business’s 50-day simple moving average is $43.87 and its 200-day simple moving average is $41.33. Bank of America Co. has a 52 week low of $30.45 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the completion of the sale, the insider now owns 854,214,328 shares in the company, valued at $33,809,803,102.24. This represents a 0.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 55,223,897 shares of company stock worth $2,232,505,985 in the last 90 days. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on BAC. Evercore ISI boosted their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Phillip Securities raised 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. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $48.00 to $55.00 in a research report on Monday. Finally, 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.92.

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.