TKG Advisors LLC Takes Position in Bank of America Co. (NYSE:BAC)

TKG Advisors LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 28,624 shares of the financial services provider’s stock, valued at approximately $1,136,000.

Several other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter worth about $27,000. Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC grew its holdings in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after buying an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on BAC. Cfra reissued a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. BMO Capital Markets lifted 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 research report on Thursday, July 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley increased their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.69.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

Bank of America stock traded down $0.18 during trading hours on Monday, reaching $41.58. 5,925,761 shares of the stock were exchanged, compared to its average volume of 38,258,406. The stock has a market cap of $319.04 billion, a P/E ratio of 15.19, a P/E/G ratio of 1.42 and a beta of 1.32. The firm’s 50 day moving average is $40.54 and its 200 day moving average is $39.85. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52-week low of $27.34 and a 52-week high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 earnings per share. Analysts predict that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

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.