Bank of America Co. (NYSE:BAC) Position Lowered by Capital Investment Counsel Inc

Capital Investment Counsel Inc reduced its position in Bank of America Co. (NYSE:BAC) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,375 shares of the financial services provider’s stock after selling 2,488 shares during the quarter. Capital Investment Counsel Inc’s holdings in Bank of America were worth $3,745,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at approximately $27,000. Delos Wealth Advisors LLC increased its stake in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the last quarter. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the 2nd quarter worth about $30,000. Finally, Clearstead Trust LLC boosted its holdings in shares of Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after buying an additional 834 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $42.34 on Thursday. The company has a 50-day moving average of $40.11 and a 200-day moving average of $39.53. The firm has a market cap of $331.11 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. 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 twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm 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 13.28% and a return on equity of 10.56%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Evercore ISI increased their price objective 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. BMO Capital Markets raised their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.69.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $41.70, for a total transaction of $313,861,763.70. Following the sale, the insider now owns 966,911,316 shares in the company, valued at approximately $40,320,201,877.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $41.70, for a total value of $313,861,763.70. Following the completion of the sale, the insider now directly owns 966,911,316 shares of the company’s stock, valued at approximately $40,320,201,877.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 132,863,500 shares of company stock valued at $5,363,830,468 over the last three months. Insiders own 0.29% of the company’s stock.

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.