Newman Dignan & Sheerar Inc. Reduces Stock Position in Bank of America Co. (NYSE:BAC)

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Newman Dignan & Sheerar Inc. lowered its stake in Bank of America Co. (NYSE:BAC) by 1.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,574 shares of the financial services provider’s stock after selling 579 shares during the quarter. Newman Dignan & Sheerar Inc.’s holdings in Bank of America were worth $1,387,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Lenox Wealth Advisors LLC boosted its holdings in Bank of America by 111.9% in the second quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 584 shares during the last quarter. AlphaMark Advisors LLC boosted its holdings in Bank of America by 135.4% in the second quarter. AlphaMark Advisors LLC now owns 1,264 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 727 shares during the last quarter. Crewe Advisors LLC boosted its holdings in Bank of America by 363.3% in the third quarter. Crewe Advisors LLC now owns 1,390 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,090 shares during the last quarter. Provident Wealth Management LLC purchased a new stake in Bank of America in the third quarter worth approximately $35,000. Finally, Balentine LLC purchased a new stake in Bank of America in the first quarter worth approximately $63,000. Institutional investors own 68.19% of the company’s stock.

BAC opened at $24.24 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.92 and a current ratio of 0.93. Bank of America Co. has a fifty-two week low of $17.95 and a fifty-two week high of $35.72. The firm’s fifty day moving average is $25.04 and its 200 day moving average is $24.25. The stock has a market cap 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.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The firm had revenue of $20.30 billion for the quarter, compared to analysts’ expectations of $20.88 billion. During the same quarter last year, the firm posted $0.75 EPS. The firm’s quarterly revenue was down 11.6% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Co. will post 1.73 earnings per share for the current year.

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

Several equities research analysts recently issued reports on the stock. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 7th. Credit Suisse Group reiterated a “buy” rating and set a $31.00 price target on shares of Bank of America in a research note on Monday, August 3rd. Morgan Stanley lifted their price target on shares of Bank of America from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, June 25th. Seaport Global Securities initiated coverage on shares of Bank of America in a research note on Wednesday, July 8th. They set a “neutral” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $29.00 in a research note on Thursday, September 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $29.31.

In related news, major shareholder Berkshire Hathaway Inc purchased 16,424,366 shares of Bank of America stock in a transaction on Monday, July 27th. The shares were bought at an average cost of $24.22 per share, for a total transaction of $397,798,144.52. Over the last quarter, insiders acquired 85,092,006 shares of company stock worth $2,070,253,228. 0.20% of the stock is currently owned by insiders.

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.

Read More: How Do Front-End Loads Impact an Investment?

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

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