BLB&B Advisors LLC decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 16.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,645 shares of the financial services provider’s stock after selling 13,661 shares during the quarter. BLB&B Advisors LLC’s holdings in Bank of America were worth $2,081,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of BAC. CSat Investment Advisory L.P. acquired a new position in Bank of America in the 2nd quarter worth $103,000. McKinley Carter Wealth Services Inc. acquired a new position in Bank of America in the 1st quarter worth $105,000. Cardinal Capital Management Inc. acquired a new position in Bank of America in the 3rd quarter worth $106,000. Quad Cities Investment Group LLC acquired a new position in Bank of America in the 2nd quarter worth $112,000. Finally, Whitnell & Co. acquired a new position in Bank of America in the 2nd quarter worth $134,000. Institutional investors and hedge funds own 65.08% of the company’s stock.

Separately, Wolfe Research initiated coverage on shares of Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $33.35.

In other news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the sale, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is currently owned by insiders.

BAC opened at $28.46 on Friday. The stock has a market capitalization of $301.78 billion, a PE ratio of 15.55, a P/E/G ratio of 1.46 and a beta of 1.30. Bank of America Corp has a 1-year low of $25.12 and a 1-year high of $33.05. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94.

Bank of America (NYSE:BAC) last released its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.06. The company had revenue of $22.60 billion during the quarter, compared to the consensus estimate of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The company’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 EPS. On average, equities analysts expect that Bank of America Corp will post 2.52 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 7th were given a $0.15 dividend. The ex-dividend date was Thursday, September 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.11%. This is an increase from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s payout ratio is presently 32.79%.

Bank of America announced that its board has authorized a stock buyback program on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Bank of America Company 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.

Featured Story: What is intrinsic value?

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with's FREE daily email newsletter.