McIlrath & Eck LLC Lowers Stake in Bank of America Co. (NYSE:BAC)

McIlrath & Eck LLC cut its stake in Bank of America Co. (NYSE:BAC) by 5.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,394 shares of the financial services provider’s stock after selling 2,310 shares during the quarter. McIlrath & Eck LLC’s holdings in Bank of America were worth $1,603,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Fortem Financial Group LLC grew its position in shares of Bank of America by 2.3% in the 3rd quarter. Fortem Financial Group LLC now owns 16,777 shares of the financial services provider’s stock worth $666,000 after buying an additional 375 shares during the last quarter. Arete Wealth Advisors LLC acquired a new stake in Bank of America in the third quarter valued at approximately $2,011,000. Coldstream Capital Management Inc. grew its holdings in Bank of America by 10.8% in the third quarter. Coldstream Capital Management Inc. now owns 113,286 shares of the financial services provider’s stock worth $4,563,000 after purchasing an additional 11,075 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Finally, MidWestOne Financial Group Inc. lifted its holdings in shares of Bank of America by 7.6% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 19,714 shares of the financial services provider’s stock valued at $782,000 after purchasing an additional 1,387 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on BAC shares. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Piper Sandler upped their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. 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. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.92.

Bank of America Price Performance

NYSE:BAC opened at $45.77 on Wednesday. The company has a market capitalization of $351.19 billion, a P/E ratio of 16.64, a P/E/G ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 52 week low of $30.45 and a 52 week high of $48.08. The stock’s fifty day moving average is $43.87 and its two-hundred day moving average is $41.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.27%. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was 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. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 55,223,897 shares of company stock worth $2,232,505,985. Company insiders own 0.29% of the company’s stock.

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.