Landsberg Bennett & Dubbaneh LLC Sells 1,063 Shares of Bank of America Corp (NYSE:BAC)

Landsberg Bennett & Dubbaneh LLC trimmed its position in Bank of America Corp (NYSE:BAC) by 1.9% in the 3rd quarter, Holdings Channel reports. The firm owned 53,645 shares of the financial services provider’s stock after selling 1,063 shares during the quarter. Landsberg Bennett & Dubbaneh LLC’s holdings in Bank of America were worth $1,574,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Rowland & Co. Investment Counsel ADV raised its position in shares of Bank of America by 9.7% during the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock valued at $119,000 after buying an additional 360 shares in the last quarter. Holderness Investments Co. raised its position in shares of Bank of America by 0.6% during the 2nd quarter. Holderness Investments Co. now owns 64,230 shares of the financial services provider’s stock valued at $1,863,000 after buying an additional 360 shares in the last quarter. Kistler Tiffany Companies LLC raised its position in shares of Bank of America by 2.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock valued at $456,000 after buying an additional 365 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in shares of Bank of America by 2.0% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock valued at $553,000 after buying an additional 368 shares in the last quarter. Finally, Buckley Wealth Management LLC raised its position in shares of Bank of America by 0.7% during the 2nd quarter. Buckley Wealth Management LLC now owns 57,063 shares of the financial services provider’s stock valued at $1,655,000 after buying an additional 375 shares in the last quarter. 68.48% of the stock is owned by hedge funds and other institutional investors.

Several research firms have recently weighed in on BAC. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a research report on Wednesday, July 10th. Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $36.00 to $29.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday. Raymond James cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Finally, Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company. Bank of America has a consensus rating of “Hold” and an average price target of $32.32.

In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.17% of the stock is owned by company insiders.

NYSE:BAC traded up $0.46 during trading hours on Friday, reaching $28.91. The company’s stock had a trading volume of 70,029,208 shares, compared to its average volume of 57,443,616. The firm has a market capitalization of $271.38 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 1.13 and a beta of 1.60. The firm has a 50-day simple moving average of $28.40 and a 200-day simple moving average of $28.71. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.17. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. Equities analysts anticipate that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.

Bank of America announced that its Board of Directors has initiated a share repurchase 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 buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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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