DRW Securities LLC Sells 61,510 Shares of Bank of America Co. (NYSE:BAC)

DRW Securities LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 31.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 136,562 shares of the financial services provider’s stock after selling 61,510 shares during the period. DRW Securities LLC’s holdings in Bank of America were worth $5,419,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. McAdam LLC lifted its stake in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares during the last quarter. Integrity Financial Corp WA lifted its stake in Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the last quarter. BTC Capital Management Inc. lifted its stake in Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares during the last quarter. Central Bank & Trust Co. lifted its stake in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the last quarter. Finally, SNS Financial Group LLC lifted its stake in shares of Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 248 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $47.00 on Monday. The stock’s fifty day moving average is $42.24 and its 200 day moving average is $40.69. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.22. The firm has a market capitalization of $360.63 billion, a PE ratio of 17.09, a PEG ratio of 1.59 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate 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 prior year, the firm posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued 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 2.21%. Bank of America’s payout ratio is presently 37.82%.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the transaction, the insider now owns 882,723,903 shares of the company’s stock, valued at approximately $35,847,417,700.83. This represents a 0.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,119,690 shares of company stock worth $3,438,777,236. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BAC shares. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. Evercore ISI increased their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods raised their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report 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 target price for the company in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.26.

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.