Beech Hill Advisors Inc. Lowers Position in Bank of America Corp (NYSE:BAC)

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Beech Hill Advisors Inc. trimmed its stake in Bank of America Corp (NYSE:BAC) by 3.2% in the third quarter, Holdings Channel.com reports. The firm owned 158,933 shares of the financial services provider’s stock after selling 5,200 shares during the quarter. Bank of America comprises about 2.5% of Beech Hill Advisors Inc.’s portfolio, making the stock its 17th largest position. Beech Hill Advisors Inc.’s holdings in Bank of America were worth $4,636,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in BAC. Neville Rodie & Shaw Inc. lifted its stake in Bank of America by 1.1% in the second quarter. Neville Rodie & Shaw Inc. now owns 74,578 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 821 shares during the last quarter. Private Trust Co. NA lifted its stake in Bank of America by 11.5% in the second quarter. Private Trust Co. NA now owns 142,507 shares of the financial services provider’s stock worth $4,132,000 after purchasing an additional 14,706 shares during the last quarter. Fulton Bank N.A. lifted its stake in Bank of America by 0.3% in the second quarter. Fulton Bank N.A. now owns 144,107 shares of the financial services provider’s stock worth $4,179,000 after purchasing an additional 410 shares during the last quarter. Woodstock Corp lifted its stake in Bank of America by 0.5% in the second quarter. Woodstock Corp now owns 159,889 shares of the financial services provider’s stock worth $4,637,000 after purchasing an additional 744 shares during the last quarter. Finally, Winfield Associates Inc. lifted its stake in Bank of America by 7.4% in the second quarter. Winfield Associates Inc. now owns 5,906 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 406 shares during the last quarter. Hedge funds and other institutional investors own 68.52% of the company’s stock.

Shares of BAC stock opened at $30.35 on Friday. The firm has a market cap of $281.67 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 1.19 and a beta of 1.60. The company’s 50 day moving average is $28.85 and its 200 day moving average is $28.81. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.99. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.17.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.07. The company had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. Bank of America’s revenue was up .3% compared to the same quarter last year. During the same period last year, the company posted $0.66 earnings per share. Analysts anticipate that Bank of America Corp will post 2.87 EPS for the current fiscal year.

Bank of America declared that its board has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.37%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.

In other Bank of America news, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the transaction, the insider now directly owns 43,744 shares of the company’s stock, valued at $1,322,381.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The stock was 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. Company insiders own 0.17% of the company’s stock.

Several analysts have issued reports on BAC shares. Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research note on Wednesday, July 10th. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $36.00 to $29.00 in a research note on Thursday, September 5th. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Finally, DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $32.32.

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

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

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