Fishman Jay A Ltd. MI Sells 12,400 Shares of Bank of America Corp (NYSE:BAC)

Fishman Jay A Ltd. MI lessened its position in Bank of America Corp (NYSE:BAC) by 6.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 166,873 shares of the financial services provider’s stock after selling 12,400 shares during the quarter. Bank of America accounts for approximately 0.9% of Fishman Jay A Ltd. MI’s portfolio, making the stock its 25th largest holding. Fishman Jay A Ltd. MI’s holdings in Bank of America were worth $4,868,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Nvwm LLC lifted its holdings in Bank of America by 0.9% in the third quarter. Nvwm LLC now owns 34,592 shares of the financial services provider’s stock worth $1,009,000 after buying an additional 321 shares during the period. Signature Estate & Investment Advisors LLC lifted its holdings in Bank of America by 4.7% in the third quarter. Signature Estate & Investment Advisors LLC now owns 7,325 shares of the financial services provider’s stock worth $214,000 after buying an additional 326 shares during the period. Wendell David Associates Inc. lifted its holdings in Bank of America by 1.5% in the third quarter. Wendell David Associates Inc. now owns 24,452 shares of the financial services provider’s stock worth $713,000 after buying an additional 350 shares during the period. American Research & Management Co. lifted its holdings in Bank of America by 1.4% in the third quarter. American Research & Management Co. now owns 25,834 shares of the financial services provider’s stock worth $754,000 after buying an additional 350 shares during the period. Finally, Rainey & Randall Investment Management Inc. lifted its holdings in Bank of America by 3.5% in the third quarter. Rainey & Randall Investment Management Inc. now owns 10,415 shares of the financial services provider’s stock worth $304,000 after buying an additional 356 shares during the period. 70.75% of the stock is currently owned by institutional investors and hedge funds.

Shares of BAC traded up $0.03 on Friday, hitting $33.26. 38,313,549 shares of the stock traded hands, compared to its average volume of 56,181,609. The company has a market capitalization of $299.18 billion, a PE ratio of 12.74, a P/E/G ratio of 1.27 and a beta of 1.62. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. The business has a 50 day simple moving average of $30.19 and a 200 day simple moving average of $29.06. Bank of America Corp has a one year low of $22.66 and a one year high of $33.60.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.07. The company had revenue of $22.96 billion during the quarter, compared to the consensus estimate of $22.73 billion. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 earnings per share. On average, equities analysts expect that Bank of America Corp will post 2.89 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Thursday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.

In related news, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,566,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The disclosure for this sale can be found here. Insiders have sold 51,870 shares of company stock valued at $1,476,104 in the last three months. 0.17% of the stock is owned by insiders.

Several analysts have commented on BAC shares. Societe Generale lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 29th. Morgan Stanley lowered their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, October 4th. UBS Group lifted their target price on shares of Bank of America from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, October 21st. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $33.00 target price (up from $30.00) on shares of Bank of America in a report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.59.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

See Also: Hedge Funds

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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