Proactive Wealth Strategies LLC Buys New Position in Bank of America Co. (NYSE:BAC)

Proactive Wealth Strategies LLC purchased a new position in Bank of America Co. (NYSE:BAC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,092 shares of the financial services provider’s stock, valued at approximately $242,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. McAdam LLC increased its position in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares in the last quarter. Integrity Financial Corp WA grew its holdings in Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the period. BTC Capital Management Inc. grew its holdings in Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. boosted its position in Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC boosted its position in Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC opened at $46.10 on Tuesday. The stock has a market cap of $353.72 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.53 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $41.00 and its 200 day simple moving average is $40.13. Bank of America Co. has a 1-year low of $27.42 and a 1-year high of $46.52.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the company earned $0.90 EPS. Bank of America’s revenue was up .4% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a research report on Friday. Oppenheimer raised their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Barclays lifted their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, BMO Capital Markets lifted their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the completion of the sale, the insider now directly owns 937,246,053 shares in the company, valued at $36,843,142,343.43. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,067,817 shares of company stock valued at $4,548,518,070 in the last quarter. 0.29% of the stock is currently owned by company insiders.

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.