Alpha Cubed Investments LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 13.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,124 shares of the financial services provider’s stock after selling 6,573 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Bank of America were worth $1,063,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lenox Wealth Advisors LLC boosted its position in Bank of America by 111.9% during the 2nd quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 584 shares in the last quarter. AlphaMark Advisors LLC boosted its position in Bank of America by 135.4% during the 2nd quarter. AlphaMark Advisors LLC now owns 1,264 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 727 shares in the last quarter. Crewe Advisors LLC boosted its position in Bank of America by 363.3% during the 3rd quarter. Crewe Advisors LLC now owns 1,390 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 1,090 shares in the last quarter. Provident Wealth Management LLC bought a new stake in Bank of America during the 3rd quarter valued at $35,000. Finally, Balentine LLC bought a new stake in Bank of America during the 1st quarter valued at $63,000. 68.19% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have issued reports on BAC. Societe Generale raised Bank of America from a “hold” rating to a “buy” rating in a research report on Tuesday, July 7th. Seaport Global Securities began coverage on Bank of America in a research report on Wednesday, July 8th. They issued a “neutral” rating for the company. Morgan Stanley raised their price objective on Bank of America from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $29.00 in a research report on Thursday, September 3rd. Finally, DA Davidson cut Bank of America from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $27.00 to $25.00 in a research report on Thursday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company’s stock. Bank of America presently has an average rating of “Buy” and a consensus target price of $29.31.

In related news, major shareholder Berkshire Hathaway Inc acquired 16,424,366 shares of Bank of America stock in a transaction on Monday, July 27th. The stock was acquired at an average price of $24.22 per share, for a total transaction of $397,798,144.52. Insiders have acquired a total of 85,092,006 shares of company stock valued at $2,070,253,228 in the last quarter. Company insiders own 0.20% of the company’s stock.

Shares of BAC stock opened at $24.24 on Friday. The firm has a market capitalization of $210.02 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 2.12 and a beta of 1.54. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.93 and a quick ratio of 0.92. The business has a fifty day moving average of $25.04 and a 200 day moving average of $24.25. Bank of America Co. has a 1 year low of $17.95 and a 1 year high of $35.72.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.02). The firm had revenue of $20.30 billion during the quarter, compared to analysts’ expectations of $20.88 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The business’s revenue was down 11.6% on a year-over-year basis. During the same quarter last year, the business earned $0.75 EPS. As a group, equities research analysts expect that Bank of America Co. will post 1.73 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.97%. Bank of America’s payout ratio is currently 24.49%.

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

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

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