TCI Wealth Advisors Inc. Sells 4,094 Shares of Bank of America Co. (NYSE:BAC)

TCI Wealth Advisors Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 19.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,442 shares of the financial services provider’s stock after selling 4,094 shares during the period. TCI Wealth Advisors Inc.’s holdings in Bank of America were worth $652,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Jefferies Financial Group lifted their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Cfra reissued 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, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 120,072,238 shares of company stock valued at $4,833,067,143. 0.29% of the stock is currently owned by company insiders.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.49 on Monday, reaching $42.38. 8,024,026 shares of the company were exchanged, compared to its average volume of 38,494,418. The firm has a market cap of $331.43 billion, a price-to-earnings ratio of 14.65, a P/E/G ratio of 1.43 and a beta of 1.33. The company’s 50-day moving average is $40.24 and its two-hundred day moving average is $39.62. 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 Co. has a 1-year low of $25.28 and a 1-year high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for 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 company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. As a group, research analysts expect that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.45%. Bank of America’s payout ratio is presently 35.99%.

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

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.