Bank of America Co. (NYSE:BAC) Stock Position Increased by Nicolet Advisory Services LLC

Nicolet Advisory Services LLC grew its position in Bank of America Co. (NYSE:BAC) by 4.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,782 shares of the financial services provider’s stock after purchasing an additional 1,359 shares during the period. Nicolet Advisory Services LLC’s holdings in Bank of America were worth $1,208,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Legal & General Group Plc grew its holdings in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after buying an additional 895,884 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its position in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after acquiring an additional 59,853 shares during the period. Clearbridge Investments LLC grew its stake in shares of Bank of America by 23.6% in the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after purchasing an additional 3,109,197 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the period. Finally, National Pension Service raised its stake in shares of Bank of America by 15.2% during the third quarter. National Pension Service now owns 13,502,778 shares of the financial services provider’s stock valued at $535,790,000 after purchasing an additional 1,783,631 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on BAC shares. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Finally, Barclays raised their target price 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Stock Performance

Shares of BAC stock opened at $47.00 on Friday. The company has a market capitalization of $360.63 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 1.57 and a beta of 1.32. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.22. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock’s fifty day simple moving average is $42.24 and its 200-day simple moving average is $40.65.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company 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 business’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the sale, the insider now owns 910,731,659 shares of the company’s stock, valued at $36,310,871,244.33. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,094,698 shares of company stock valued at $3,876,350,805 in the last quarter. Company insiders own 0.29% of the company’s stock.

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.