Anchor Investment Management LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Anchor Investment Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 14.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 86,347 shares of the financial services provider’s stock after selling 14,331 shares during the quarter. Anchor Investment Management LLC’s holdings in Bank of America were worth $3,426,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BAC. Archford Capital Strategies LLC purchased a new position in shares of Bank of America during the second quarter valued at about $271,000. Swedbank AB increased its position in shares of Bank of America by 1.2% during the second quarter. Swedbank AB now owns 6,991,525 shares of the financial services provider’s stock valued at $278,053,000 after buying an additional 84,296 shares during the period. Fiduciary Financial Group LLC purchased a new position in shares of Bank of America during the second quarter valued at about $854,000. Silver Lake Advisory LLC increased its position in shares of Bank of America by 32.5% during the second quarter. Silver Lake Advisory LLC now owns 16,327 shares of the financial services provider’s stock valued at $649,000 after buying an additional 4,007 shares during the period. Finally, Valley National Advisers Inc. increased its position in shares of Bank of America by 13.3% during the second quarter. Valley National Advisers Inc. now owns 11,369 shares of the financial services provider’s stock valued at $452,000 after buying an additional 1,336 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.7 %

Shares of BAC stock opened at $46.06 on Thursday. Bank of America Co. has a 12 month low of $30.45 and a 12 month high of $48.08. The stock has a market cap of $353.41 billion, a P/E ratio of 16.75, a P/E/G ratio of 1.58 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50 day simple moving average of $44.14 and a two-hundred day simple moving average of $41.40.

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

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. 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 2.26%. Bank of America’s dividend payout ratio is currently 37.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BAC shares. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Evercore ISI boosted 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, Piper Sandler boosted their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the sale, the insider now directly owns 854,214,328 shares of the company’s stock, valued at $33,809,803,102.24. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 55,223,897 shares of company stock valued at $2,232,505,985. Insiders own 0.29% of the company’s stock.

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.