Kolinsky Wealth Management LLC Acquires 493 Shares of Bank of America Co. (NYSE:BAC)

Kolinsky Wealth Management LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,778 shares of the financial services provider’s stock after acquiring an additional 493 shares during the quarter. Kolinsky Wealth Management LLC’s holdings in Bank of America were worth $348,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Longfellow Investment Management Co. LLC raised its position in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the period. McAdam LLC raised its position in shares of Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares during the period. Integrity Financial Corp WA raised its position in shares of 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 purchasing an additional 240 shares during the period. BTC Capital Management Inc. raised its position in shares of 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 purchasing an additional 248 shares during the period. Finally, Central Bank & Trust Co. grew its holdings 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 buying an additional 248 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92. Following the sale, the insider now owns 863,977,599 shares of the company’s stock, valued at $34,801,017,687.72. This trade represents a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 70,007,916 shares of company stock valued at $2,829,836,123 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BAC shares. Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Morgan Stanley upped their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Bank of America Stock Performance

Shares of BAC opened at $47.52 on Friday. The stock’s 50-day simple moving average is $43.02 and its 200 day simple moving average is $40.98. The stock has a market capitalization of $364.62 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 1.62 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52-week low of $30.04 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 EPS. Research analysts forecast 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 issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s payout ratio is currently 37.82%.

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.