Bank of America Co. (NYSE:BAC) Shares Bought by Accurate Wealth Management LLC

Accurate Wealth Management LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,140 shares of the financial services provider’s stock after buying an additional 641 shares during the quarter. Accurate Wealth Management LLC’s holdings in Bank of America were worth $1,438,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Park Avenue Securities LLC lifted its stake in shares of Bank of America by 10.9% in the first quarter. Park Avenue Securities LLC now owns 99,869 shares of the financial services provider’s stock worth $3,787,000 after buying an additional 9,784 shares in the last quarter. RFG Advisory LLC lifted its stake in shares of Bank of America by 2.2% in the first quarter. RFG Advisory LLC now owns 18,438 shares of the financial services provider’s stock worth $699,000 after buying an additional 402 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in shares of Bank of America in the first quarter worth about $311,000. &PARTNERS lifted its stake in shares of Bank of America by 168.7% in the first quarter. &PARTNERS now owns 36,166 shares of the financial services provider’s stock worth $1,371,000 after buying an additional 22,708 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in Bank of America by 3.4% during the first quarter. International Assets Investment Management LLC now owns 107,553 shares of the financial services provider’s stock worth $4,078,000 after purchasing an additional 3,553 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,633,120 shares of company stock worth $5,862,871,640 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Cfra reaffirmed a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday. Oppenheimer lifted their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Trading Down 0.6 %

NYSE BAC opened at $42.33 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a market capitalization of $331.04 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The firm has a 50 day moving average of $39.89 and a two-hundred day moving average of $39.41.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The firm’s revenue was up .4% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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