Aaron Wealth Advisors LLC Has $1.76 Million Holdings in Bank of America Co. (NYSE:BAC)

Aaron Wealth Advisors LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 13.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,387 shares of the financial services provider’s stock after buying an additional 5,360 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Bank of America were worth $1,761,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of BAC. Vanguard Group Inc. increased its position in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares during the last quarter. AMF Tjanstepension AB grew its position in shares of Bank of America by 959.6% in the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. Swedbank AB acquired a new position in shares of Bank of America in the first quarter valued at approximately $261,923,000. 1832 Asset Management L.P. grew its position in shares of Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Bank of America by 290.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after purchasing an additional 5,293,000 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley upped their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.62.

Bank of America Price Performance

NYSE BAC traded down $0.22 on Friday, hitting $42.38. 9,128,959 shares of the company’s stock were exchanged, compared to its average volume of 38,758,570. The stock has a 50-day moving average of $39.81 and a 200-day moving average of $39.38. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a market cap of $331.43 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 35.99%.

Bank of America declared that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the completion of the transaction, the insider now directly owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the completion of the transaction, the insider now directly owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,633,120 shares of company stock worth $5,862,871,640. Insiders own 0.29% of the company’s stock.

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.