Los Angeles Capital Management LLC Cuts Holdings in Bank of America Co. (NYSE:BAC)

by · The Cerbat Gem

Los Angeles Capital Management LLC lowered its position in shares of Bank of America Co. (NYSE:BAC – Free Report) by 19.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 806,877 shares of the financial services provider’s stock after selling 199,357 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Bank of America were worth $32,017,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Summit Global Investments grew its stake in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares in the last quarter. Citizens Financial Group Inc. RI lifted its position in shares of Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC acquired a new position in shares of Bank of America in the 1st quarter valued at about $771,000. SteelPeak Wealth LLC grew its holdings in shares of Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Finally, Philip James Wealth Mangement LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $9,670,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Barclays upped their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.69.

Check Out Our Latest Stock Report on BAC

Bank of America Price Performance

Shares of NYSE BAC opened at $45.13 on Monday. 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 Co. has a 1-year low of $27.34 and a 1-year high of $45.55. The firm’s 50-day moving average price is $40.90 and its 200-day moving average price is $40.06. The firm has a market capitalization of $346.28 billion, a P/E ratio of 16.41, a P/E/G ratio of 1.53 and a beta of 1.32.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm posted $0.90 EPS. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the sale, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the transaction, the insider now owns 937,246,053 shares in the company, valued at $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction 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 sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070 over the last three months. 0.29% of the stock is owned by corporate insiders.

About Bank of America

(Free Report)

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.

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