Semus Wealth Partners LLC Acquires 429 Shares of Bank of America Co. (NYSE:BAC)

Semus Wealth Partners LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 4.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 11,280 shares of the financial services provider’s stock after purchasing an additional 429 shares during the quarter. Semus Wealth Partners LLC’s holdings in Bank of America were worth $448,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter valued at $27,000. POM Investment Strategies LLC increased its stake in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc increased its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred 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 owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $369,952,591.90. Following the completion of 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 1.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,848,970 shares of company stock worth $4,145,103,288. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.84 on Monday. The firm has a market cap of $359.40 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The stock’s 50-day moving average is $41.49 and its 200-day moving average is $40.37. Bank of America Co. has a one year low of $29.32 and a one year high of $46.84. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The company’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The business 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 dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America’s payout ratio is presently 37.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley lifted their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer lifted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $44.26.

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.