Paladin Wealth LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Paladin Wealth LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,838 shares of the financial services provider’s stock, valued at approximately $549,000.

Several other large investors have also recently made changes to their positions in BAC. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth about $27,000. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC boosted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the second quarter valued at approximately $30,000. Finally, Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the 4th quarter worth approximately $28,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred 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 sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,921,082 shares of company stock worth $6,582,343,525. 0.29% of the stock is currently owned by insiders.

Bank of America Trading Up 0.2 %

BAC opened at $42.05 on Monday. The business’s 50 day moving average price is $39.41 and its 200 day moving average price is $39.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $328.85 billion, a PE ratio of 14.52, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

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 business 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%. The company’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.88 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America announced that its board has authorized a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.47%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is 35.99%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of 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. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Finally, BMO Capital Markets lifted their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.27.

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.