Foster Victor Wealth Advisors LLC Takes $273,000 Position in Bank of America Corp (NYSE:BAC)

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Foster Victor Wealth Advisors LLC purchased a new stake in Bank of America Corp (NYSE:BAC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 9,655 shares of the financial services provider’s stock, valued at approximately $273,000.

Several other large investors also recently bought and sold shares of BAC. Howe & Rusling Inc. boosted its position in shares of Bank of America by 14.9% during the 1st quarter. Howe & Rusling Inc. now owns 314,745 shares of the financial services provider’s stock worth $8,684,000 after purchasing an additional 40,836 shares during the period. SeaBridge Investment Advisors LLC boosted its position in shares of Bank of America by 1.2% during the 1st quarter. SeaBridge Investment Advisors LLC now owns 163,702 shares of the financial services provider’s stock worth $4,517,000 after purchasing an additional 1,985 shares during the period. RDA Financial Network purchased a new position in shares of Bank of America during the 1st quarter worth approximately $451,000. Allen Capital Group LLC boosted its position in shares of Bank of America by 1.8% during the 1st quarter. Allen Capital Group LLC now owns 39,884 shares of the financial services provider’s stock worth $1,100,000 after purchasing an additional 706 shares during the period. Finally, Janney Capital Management LLC boosted its position in shares of Bank of America by 2.8% during the 1st quarter. Janney Capital Management LLC now owns 19,212 shares of the financial services provider’s stock worth $530,000 after purchasing an additional 527 shares during the period. 68.48% of the stock is owned by hedge funds and other institutional investors.

In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction that occurred 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

A number of research firms recently weighed in on BAC. 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. Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Friday, August 16th. Zacks Investment Research cut 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 report on Wednesday, July 10th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research report on Monday, June 17th. Finally, 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 stock from $36.00 to $29.00 in a research report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $32.32.

BAC stock traded up $0.45 during midday trading on Friday, hitting $28.90. The company’s stock had a trading volume of 60,902,863 shares, compared to its average volume of 57,443,616. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.17. The firm has a market capitalization of $271.38 billion, a P/E ratio of 11.07, 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 (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter last year, the company posted $0.63 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share buyback plan 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 stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend 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 currently 27.59%.

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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