New World Advisors LLC Sells 400 Shares of Bank of America Co. (NYSE:BAC)

New World Advisors LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 4.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,200 shares of the financial services provider’s stock after selling 400 shares during the quarter. New World Advisors LLC’s holdings in Bank of America were worth $325,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BAC. Vanguard Group Inc. increased its holdings in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares during the period. Legal & General Group Plc increased its holdings in shares of Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after acquiring an additional 895,884 shares during the period. Capital World Investors raised its position in shares of Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after acquiring an additional 165,070 shares in the last quarter. Pzena Investment Management LLC lifted its stake in shares of Bank of America by 4.7% during the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock worth $813,983,000 after purchasing an additional 954,885 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its position in Bank of America by 23.6% during the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after purchasing an additional 3,109,197 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.76 during trading hours on Friday, reaching $41.89. The stock had a trading volume of 27,466,909 shares, compared to its average volume of 38,639,859. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $325.05 billion, a PE ratio of 15.23, a PEG ratio of 1.43 and a beta of 1.33. The stock’s 50 day moving average is $40.24 and its 200 day moving average is $39.59.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. Equities analysts expect that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. Bank of America’s dividend payout ratio is currently 37.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of Bank of America stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the sale, the insider now owns 948,077,805 shares in the company, valued at $38,520,401,217.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $40.63, for a total value of $284,146,717.60. Following the transaction, the insider now owns 948,077,805 shares in the company, valued at $38,520,401,217.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,336,839 shares of company stock worth $5,049,968,704. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BAC shares. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Oppenheimer increased their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $42.69.

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.