Savvy Advisors Inc. Purchases 2,426 Shares of Bank of America Co. (NYSE:BAC)

Savvy Advisors Inc. raised its position in shares of Bank of America Co. (NYSE:BAC) by 24.2% in the third quarter, Holdings Channel reports. The firm owned 12,458 shares of the financial services provider’s stock after acquiring an additional 2,426 shares during the quarter. Savvy Advisors Inc.’s holdings in Bank of America were worth $494,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Delos Wealth Advisors LLC lifted its holdings in shares of Bank of America by 402.2% during 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. Fairway Wealth LLC bought a new position in Bank of America during the 2nd quarter valued at about $27,000. POM Investment Strategies LLC boosted its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank bought a new stake in shares of Bank of America in the third quarter worth approximately $29,000. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter valued at approximately $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.4 %

Shares of BAC stock opened at $45.88 on Wednesday. The company’s fifty day simple moving average is $41.00 and its two-hundred day simple moving average is $40.13. Bank of America Co. has a 52 week low of $27.42 and a 52 week high of $46.52. The stock has a market cap of $352.03 billion, a P/E ratio of 16.68, a PEG ratio of 1.56 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 earnings per share. Analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock repurchase plan 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the transaction, the insider now owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade 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 this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s 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 transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. 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 research report on Thursday, July 18th. Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $43.69.

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.