5,369 Shares in Bank of America Co. (NYSE:BAC) Bought by Wolf Group Capital Advisors

Wolf Group Capital Advisors acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,369 shares of the financial services provider’s stock, valued at approximately $214,000.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the last quarter. Norges Bank purchased a new stake in Bank of America during the 4th quarter valued at $3,734,407,000. Price T Rowe Associates Inc. MD lifted 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 buying an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Bank of America by 3.2% during 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 buying an additional 1,315,056 shares during the period. Finally, Parnassus Investments LLC raised its stake in shares of 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 valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $40.75 on Friday. The firm has a fifty day moving average price of $40.20 and a 200 day moving average price of $38.21. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The stock has a market cap of $318.68 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.41 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.55%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its board has initiated a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. BMO Capital Markets upped their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada raised their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $42.07.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the completion of the sale, the insider now owns 882,723,903 shares of the company’s stock, valued at approximately $35,847,417,700.83. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the sale, the insider now owns 882,723,903 shares of the company’s stock, valued at $35,847,417,700.83. The disclosure for this sale can be found here. Insiders sold a total of 99,609,567 shares of company stock worth $4,122,483,669 in the last 90 days. Insiders own 0.29% of the company’s stock.

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.