Bank of America Co. (NYSE:BAC) Stock Position Lifted by Delos Wealth Advisors LLC

Delos Wealth Advisors LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 402.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 683 shares of the financial services provider’s stock after purchasing an additional 547 shares during the period. Delos Wealth Advisors LLC’s holdings in Bank of America were worth $26,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Bank of America in the fourth quarter worth approximately $3,734,407,000. Price T Rowe Associates Inc. MD grew its position in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after acquiring an additional 1,315,056 shares in the last quarter. Parnassus Investments LLC grew its position in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after acquiring an additional 2,935,040 shares in the last quarter. Finally, Capital World Investors grew its position in Bank of America by 12.1% in the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after acquiring an additional 4,338,679 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 24,984,363 shares of company stock valued at $1,089,448,152. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

Shares of BAC stock traded down $0.11 during mid-day trading on Friday, reaching $42.90. The company’s stock had a trading volume of 42,721,327 shares, compared to its average volume of 38,826,391. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a market cap of $335.49 billion, a P/E ratio of 14.84, a PEG ratio of 1.67 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.79 and a current ratio of 0.80. The firm’s 50-day moving average is $40.12 and its two-hundred day moving average is $36.94.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.24 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday. Barclays boosted their price objective on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday. Evercore ISI boosted their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Finally, Oppenheimer boosted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $41.92.

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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.