Beta Wealth Group Inc. Buys 3,105 Shares of Bank of America Co. (NYSE:BAC)

by · The Markets Daily

Beta Wealth Group Inc. raised its position in shares of Bank of America Co. (NYSE:BAC – Free Report) by 44.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,115 shares of the financial services provider’s stock after acquiring an additional 3,105 shares during the quarter. Beta Wealth Group Inc.’s holdings in Bank of America were worth $401,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Executive Wealth Management LLC bought a new position in shares of Bank of America during the third quarter valued at approximately $399,000. CWA Asset Management Group LLC bought a new position in Bank of America during the 3rd quarter valued at approximately $4,503,000. AEGON ASSET MANAGEMENT UK Plc purchased a new position in Bank of America during the third quarter valued at $15,468,000. Beckerman Institutional LLC purchased a new stake in shares of Bank of America in the third quarter worth $303,000. Finally, Easterly Investment Partners LLC raised its position in shares of Bank of America by 10.6% in the 3rd quarter. Easterly Investment Partners LLC now owns 690,897 shares of the financial services provider’s stock worth $27,415,000 after purchasing an additional 65,978 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the sale, the insider now owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’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 sale, the insider now owns 96,082 shares of the company’s stock, valued at $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 have sold 113,067,817 shares of company stock valued at $4,548,518,070 in the last quarter. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on BAC shares. BMO Capital Markets increased 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 report on Thursday, July 18th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. 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 lifted their target price 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 assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $43.69.

Check Out Our Latest Analysis on BAC

Bank of America Stock Performance

NYSE BAC opened at $45.15 on Friday. The company has a market cap of $346.43 billion, a P/E ratio of 16.42, a P/E/G ratio of 1.54 and a beta of 1.32. The business’s 50 day moving average price is $40.90 and its 200-day moving average price is $40.04. Bank of America Co. has a fifty-two week low of $27.34 and a fifty-two week high of $45.55. 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 (NYSE:BAC – Get Free Report) last released its quarterly 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 EPS. Sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a share buyback program 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Bank of America Company Profile

(Free Report)

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.

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