Deseret Mutual Benefit Administrators Sells 814 Shares of Bank of America Co. (NYSE:BAC)

Deseret Mutual Benefit Administrators reduced its stake in Bank of America Co. (NYSE:BAC) by 4.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,301 shares of the financial services provider’s stock after selling 814 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Bank of America were worth $766,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the 2nd quarter worth $27,000. POM Investment Strategies LLC increased its stake in shares of Bank of America by 839.0% in the 2nd 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 in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the 2nd quarter worth $30,000. Finally, Clearstead Trust LLC increased its stake in 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 worth $34,000 after buying an additional 834 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.7 %

NYSE BAC opened at $45.10 on Thursday. The firm has a market cap of $346.05 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 1.40 and a beta of 1.32. Bank of America Co. has a 52 week low of $27.34 and a 52 week high of $45.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $40.72 and a 200 day moving average price of $39.96.

Bank of America (NYSE:BAC) last released its earnings results 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America declared that its board has initiated a stock repurchase 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 repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the company’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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. 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, 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 transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. 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. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.97.

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.