Vista Private Wealth Partners. LLC acquired a new stake in Bank of America Corp (NYSE:BAC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,482 shares of the financial services provider’s stock, valued at approximately $72,000.
A number of other institutional investors also recently added to or reduced their stakes in the business. Birch Hill Investment Advisors LLC boosted its position in Bank of America by 3.6% in the 3rd quarter. Birch Hill Investment Advisors LLC now owns 1,227,415 shares of the financial services provider’s stock valued at $35,803,000 after buying an additional 42,175 shares during the period. Advisor Partners LLC grew its holdings in shares of Bank of America by 7.4% in the third quarter. Advisor Partners LLC now owns 291,274 shares of the financial services provider’s stock valued at $8,496,000 after purchasing an additional 20,181 shares in the last quarter. Biltmore Family Office LLC grew its holdings in shares of Bank of America by 20.3% in the third quarter. Biltmore Family Office LLC now owns 26,724 shares of the financial services provider’s stock valued at $780,000 after purchasing an additional 4,514 shares in the last quarter. Osborn Williams & Donohoe LLC grew its holdings in shares of Bank of America by 2.7% in the third quarter. Osborn Williams & Donohoe LLC now owns 293,590 shares of the financial services provider’s stock valued at $8,564,000 after purchasing an additional 7,655 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Bank of America by 1.4% in the third quarter. Signaturefd LLC now owns 72,528 shares of the financial services provider’s stock valued at $2,116,000 after purchasing an additional 1,027 shares in the last quarter. 68.52% of the stock is owned by institutional investors.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.17% of the company’s stock.
BAC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Finally, Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $32.32.
Shares of NYSE BAC traded down $0.13 during midday trading on Thursday, reaching $30.04. 26,403,604 shares of the company traded hands, compared to its average volume of 54,640,844. The stock has a 50-day moving average price of $28.71 and a 200 day moving average price of $28.78. The company has a market cap of $282.32 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.15 and a beta of 1.60. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.17. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. Bank of America’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 earnings per share. As a group, analysts expect that Bank of America Corp will post 2.82 EPS for the current year.
Bank of America announced that its Board of Directors has approved a share buyback program on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.40%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
See Also: Capital Gains Distribution
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.