ORG Wealth Partners LLC Purchases Shares of 2,004 Bank of America Co. (NYSE:BAC)

ORG Wealth Partners LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,004 shares of the financial services provider’s stock, valued at approximately $80,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Bank of America by 5.9% in 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 purchasing an additional 36,124,363 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the last quarter. Capital World Investors grew its holdings in shares of Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Bank of America by 4.7% in the first quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock worth $813,983,000 after purchasing an additional 954,885 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in 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 acquiring an additional 3,109,197 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.1 %

BAC stock opened at $41.91 on Tuesday. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. 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 company has a market capitalization of $327.75 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.39 and a beta of 1.33. The business has a 50 day simple moving average of $39.51 and a two-hundred day simple moving average of $39.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its board has authorized a share repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.26 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’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 completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,921,082 shares of company stock worth $6,582,343,525. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group raised their price target 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. Barclays raised their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Cfra reissued a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Finally, StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus 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.