Highland Capital Management LLC Decreases Position in Bank of America Corp (NYSE:BAC)

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Highland Capital Management LLC reduced its holdings in Bank of America Corp (NYSE:BAC) by 4.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 589,420 shares of the financial services provider’s stock after selling 29,949 shares during the quarter. Bank of America accounts for about 1.3% of Highland Capital Management LLC’s investment portfolio, making the stock its 13th largest position. Highland Capital Management LLC’s holdings in Bank of America were worth $17,193,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Garrett Wealth Advisory Group LLC purchased a new position in Bank of America during the third quarter valued at $25,000. Larson Financial Group LLC raised its stake in Bank of America by 195.6% in the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after buying an additional 880 shares in the last quarter. Selective Wealth Management Inc. bought a new position in Bank of America in the third quarter worth approximately $43,000. Salomon & Ludwin LLC raised its stake in Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares in the last quarter. Finally, WealthStone Inc. bought a new position in Bank of America in the second quarter worth approximately $49,000. Institutional investors and hedge funds own 69.20% of the company’s stock.

Shares of NYSE BAC traded up $0.31 during mid-day trading on Wednesday, hitting $33.15. The stock had a trading volume of 46,634,567 shares, compared to its average volume of 55,003,762. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. The company has a 50 day moving average of $32.24 and a two-hundred day moving average of $29.44. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $33.75. The firm has a market cap of $299.00 billion, a PE ratio of 12.70, a PEG ratio of 1.28 and a beta of 1.63.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. During the same period in the prior year, the firm earned $0.66 EPS. The firm’s revenue was up .3% on a year-over-year basis. Equities research analysts predict that Bank of America Corp will post 2.89 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, December 5th. Bank of America’s payout ratio is 27.59%.

In other Bank of America news, Director Frank P. Bramble sold 6,500 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at $1,566,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kathleen A. Knox sold 40,000 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the completion of the sale, the insider now directly owns 43,744 shares in the company, valued at $1,322,381.12. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

BAC has been the topic of a number of recent analyst reports. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $33.00 price target (up from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Keefe, Bruyette & Woods downgraded Bank of America from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. Finally, Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 22nd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $33.05.

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 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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