Capital Performance Advisors LLP Increases Stake in Bank of America Co. (NYSE:BAC)

Capital Performance Advisors LLP raised its position in Bank of America Co. (NYSE:BAC) by 19.9% during the third quarter, HoldingsChannel reports. The firm owned 11,449 shares of the financial services provider’s stock after buying an additional 1,899 shares during the quarter. Capital Performance Advisors LLP’s holdings in Bank of America were worth $454,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Philip James Wealth Mangement LLC purchased a new stake in Bank of America in the third quarter valued at approximately $9,670,000. Summit Global Investments increased its holdings in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the period. Winthrop Advisory Group LLC boosted its stake in Bank of America by 13.3% during the 3rd quarter. Winthrop Advisory Group LLC now owns 31,252 shares of the financial services provider’s stock worth $1,240,000 after purchasing an additional 3,670 shares during the period. Lewis Asset Management LLC acquired a new position in Bank of America in the third quarter valued at $208,000. Finally, Sittner & Nelson LLC raised its holdings in shares of Bank of America by 6.4% in the third quarter. Sittner & Nelson LLC now owns 16,593 shares of the financial services provider’s stock valued at $658,000 after buying an additional 1,004 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Oppenheimer boosted their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research report on Friday. Finally, Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Insider Transactions at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,067,817 shares of company stock valued at $4,548,518,070 over the last three months. 0.29% of the stock is owned by corporate insiders.

Bank of America Trading Up 1.4 %

Shares of Bank of America stock traded up $0.63 during trading on Friday, hitting $45.40. The stock had a trading volume of 8,373,462 shares, compared to its average volume of 38,580,074. The stock has a 50 day simple moving average of $40.72 and a 200 day simple moving average of $39.96. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $45.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $348.35 billion, a PE ratio of 16.28, a P/E/G ratio of 1.40 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Company 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.